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.