The Minority in Parliament has accused the Chief Executive Officer of the Tema Oil Refinery (TOR), Isaac Osei of incompetence in the manage,ent of the refinery.
Minority Spokesperson on Energy, Adam Mutawakilu says the company is incurring losses under Mr. Osei’s supervision.
“The company is now going into serious debt despite the TOR debt recovery levy,” he stated.
Institute of Energy Security in a statement had demanded an investigation into the circumstances that led to the loss of about $24 million to the state at TOR.
The loss, according to IES, was occasioned by a bad sale and purchase agreement between the management of TOR and British Petroleum (BP).
IES said TOR, on October 19, took delivery of some 950,000 barrels of crude oil for processing after several months of inactivity and IES alleged the refined product is now stranded in tanks due to the failure of TOR to find off-takers for the product.
However, the Tema Oil Refinery (TOR) in December 2018, refuted claims by IES that the company has incurred the $24 million loss.
The management claimed IES only sort to collapse the oil refinery.
Read more: RE: TOR plunged further into troubled waters
Mr. Mutawakilu, however, blamed the alleged increasing debt on the mismanagement of the company “administration has been incompetent in terms of managing the company, as a result, they do not want anybody to have access.”
He alleged Mr. Osei, the CEO has refused to honor invitations from the committee to explain TOR’s difficulties under his watch.
Mr. Mutawakilu said have served notice they will subpoena him to appear before the house.
“As a committee, we will put pressure to ensure that the management appears before Parliament to answer to the committee,” he added.
Have your say
More Business Headlines
- Opportunity International drives financial literacy in rural communities
- AirtelTigo partners Huawei to boost smartphone usage with free data
- Africa's no. 1 bank says Lonmin Investors should reject bid
- Entervarsity launches platform to aid students' search on courses
- VIDEO: Review of Ghana’s home ownership, mortgage space
- Court orders arbitration on uniBank
- Stratcomm Africa CEO inspires young Women in PR Ghana
- Facebook plans to launch 'GlobalCoin' currency in 2020
- Unilever Ghana records 296% increase in profits for 2018
- Senegal imports turbines for West Africa's first big wind farm project
- Six oil exploration blocks up for grabs in Voltaian basin
- Stakeholders urge GNPC to be more transparent with crude oil trade
- 200 Muslim households benefit from Karpowership Ramadan donation
- Three Ghanaians complete Inlaks Graduate Development Programme in Lagos
- GOIL grows profits by 26% in 2018