Attorney General Questions Credibility Of Private Company Trying To Takeover Tema Oil Refinery

• The Attorney General has spoken against the credibility of Torentco Asset Management Limited as a lessee of Tema Oil Refinery
• Godfred Dame said the company has no financial and technical capacity to undertake the proposed transaction
• The General Transport, Petroleum, and Chemical Workers Union told YEN.com.gh it was happy with the scrutiny

The Attorney General, Godfred Dame, has questioned the credibility of the company trying to lease the Tema Oil Refinery (TOR).

His assessment comes after submitting a Due Diligence Report (DDR) for a reassessment of Torentco’s credibility by the General Transport, Petroleum, and Chemical Workers Union.

Dame said Torentco has no financial and technical capacity to undertake the proposed transaction.

The Ministry further indicated that the company lacked the licenses and documentation to undertake the proposed lease transaction.

Read also

“They don’t deserve to be in charge”: Petroleum and Chemical Union calls for TOR board to be dissolved

Dame added that any deal would be contrary to the law.

His response was contained in a statement to the General Transport, Petroleum, and Chemical Workers Union.

The Special Prosecutor also recently directed the refinery to suspend its proposed partnership agreement with Torentco.

On Monday, November 20, the General Transport, Petroleum, and Chemical Workers Union petitioned the Special Prosecutor to investigate the lease agreement between the Tema Oil Refinery and Torentco Asset Management Limited.

Union calls for transparent process

The General Transport, Petroleum, and Chemical Workers Union said the state was capable of running the refinery.

The union's National Chairman, Bernard Owusu, told YEN.com.gh that the union was not opposed to a transparent takeover.

"Government should do an advert and let the whole world know the problems of TOR and invite investors.”

Read also

"It is not enough": Haruna Iddrisu argues for increase in EC’s GH¢786 million budget ahead of election year

Previous pressure to halt the deal

YEN.com.gh reported on calls for the government to halt the lease of the refinery.

For instance, the Chamber of Oil and Petroleum Consumers said Torentco Asset Management lacks refinery experience.

However, some workers at the refinery support the deal and have backed the government's moves.

Torentco was expected to refine up to 8 million barrels of oil annually and pay $1 million annually to the state as rent under the deal.

Source: YEN.com.gh