July 19, 2024
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Investigate Torentco-TOR deal – Transport, Petroleum workers union to OSP

The General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC) Ghana has petitioned the Special Prosecutor, Kissi Adjebeng, to investigate the lease agreement between the Tema Oil Refinery and Torentco Asset Management Limited.

In a petition dated October 19, the Workers Union said, “We wish to request that your highly esteemed office investigate and intervene in the ongoing lease arrangement of Tema Oil Refinery to Torentco Asset Management Limited, now Tema Energy and Processing Limited, with the same individuals involved.”

The Transport Workers Union believes “the actions of the individuals behind Tema Energy and Processing Limited seek to induce workers of TOR with 20% of its shares through misrepresentation of workers in an entity by the name “TOR Workers Charity Trust” that never existed nor heard of at TOR, apart from the five individual directors and direct beneficiaries of this trust.”

They expressed fear that the country might be shortchanged because the Board of Directors of TOR has been compromised in the deal.

“We are tempted to believe the BoDs have been compromised to shortchange the country, Ghana. Otherwise, why will the BoDs be adamant in the face of all these red flags? Even when entities such as Falcon American Oil and Legacy Capital have also approached the management of TOR with very lucrative and compelling proposals, the BoD and Management have been resolute in ensuring that regardless of all the red flags, they will lease TOR to Torentco/TEPL for six (6) years.”

They added, “In the spirit and letter of the whistle-blowers’ Acts, we want to officially petition your outfit as our last option, having written to the Ministry of Energy, the Parliamentary Select Committee on Mines and Energy, SIGA, the Public Procurement Authority, the Ministry of Justice and the Attorney General department and the Ministry of Finance for their respective intervention for the prevention of a possible replica of ECG/PDS scandal.”

They cited the Special Prosecutor’s intervention, which is needed in the negotiation process.

“Your prompt investigation and intervention in this development at TOR will be very much appreciated.”

However, the management of the Tema Oil Refinery recently declared the Torentco deal as the best option to revitalize the refinery and ensure its long-term sustainability.

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