The African Centre for Energy Policy (ACEP) has criticised the decision to lease the Tema Oil Refinery (TOR) to a private company known as Torentco Assets Management (TAM).
ACEP’s Executive Director of ACEP, Benjamin Boakye, in an interview on Adom FM’s Burning Issues, revealed that the TAM is owned by an individual and not a consortium.
“We all want TOR to work, but, will not sit and watch Management do something that will not benefit the country. Because this Torentco Assets Management is one person’s company who does not have any expertise in oil.
“For now, we know who is behind the Torentco company and when you check his background, he has not sold kerosene before; let alone, refining oil that he can use to help turn things around at TOR,’’ he said on Wednesday.
Mixed reaction greeted the news of the government leasing TOR. While some considered it a prudent step to revive the Refinery, others believe the contract is a shady one, designed to rip off the country.
Touching on the deal, Mr Boakye said the yet-to-be-finalised contract between TOR’s management and Torentco Assets Management did not go through the right process – be it competitive bidding or sole sourcing.
On the same show, an aspiring presidential candidate for the New Patriotic Party (NPP), Kwadwo Nsafoa Poku, endorsed the privatisation of TOR.
According to him, considering the current state of TOR the only way to turn things around is for a private company to take over.
He, however, advised the refinery’s Managing Director to come out to explain to Ghanaians the truth behind the transaction and defuse the speculations his silence is generating.
Meanwhile, a Member of Parliament’s Select Committee of Energy, Rashid Pelpuo, said the Committee has not been briefed on the development.
On the back of that, the Committee will invite the CEO and directors of the company to brief them.
Latest Stories
-
CAFCC: “Dreams need to score early to unsettle Zamalek” – Former Zamalek striker Felix Aboagye
31 mins -
GHS launches mobile app to counter misinformation about vaccines
42 mins -
Election 2024: Care Ghana warns EC of recruiting political actors as Returning Officers
50 mins -
Mohammed Kudus gets 5th Premier League assist as West Ham hold Liverpool
52 mins -
Religious support source of my success – Asantehene
57 mins -
Sierra Leone energy minister resigns over electricity crisis, as power returns to capital
1 hour -
EC accuses Bright Simons, IMANI Africa of peddling falsehood
2 hours -
GRA/SML contract: Akufo-Addo has whitewashed the KPMG report – Inusah Fuseini
2 hours -
USM Alger receive warm welcome at Oujda Airport ahead of game against RS Berkane
2 hours -
2023/24 Ghana Hockey League to kick-off this weekend
3 hours -
All payments received from our contract with GRA are performance-based, says SML
3 hours -
Marrakech 2024: Ghana’s Zinabu Issah wins gold in women’s discus throw
3 hours -
Our contract with GRA followed due process; ignore contrary reports – SML
3 hours -
SML is just Agyapa in suit and tie – Bright Simons
4 hours -
Domelevo condemns selection of KPMG to audit GRA/SML contract as illegal and unprofessional
4 hours