The management of the Tema Oil Refinery (TOR) has debunked claims of engaging in a murky proposed partnership agreement with the Tema Energy and Processing Limited.

This comes after a directive by the Office of the Special Prosecutor to the management to suspend its proposed partnership agreement.

The OSP, in a letter dated November 21, 2023, and addressed to the Managing Director of TOR, Daniel Osei Appiah, said "It has commenced an analysis of the risk of corruption in respect of the proposed partnership”.

The Office thus directed TOR to furnish all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023.

Board Chairman of TOR, David Adomako, said the proposal had been reviewed by key stakeholders within the sector.

According to him, the deal has also been subjected to competitive tender.

Speaking at a media engagement, he said the aim of the board is to revive the state-owned company.

"We've subjected this deal to competitive tender and evaluated by the TOR board comprised of reputable and highly experienced individual. The proposal was reviewed by the MoE [Ministry of Energy], MoF [Ministry of Finance], SIGA [State Interest and Governance Authority], Attorney General, BOST and the NPA [National Petroleum Authority]".

"Substance of the proposal has remained constant but changes to the legal identity of the lesser was necessitated by prevailing circumstances and with the knowledge of stakeholders", he said.

Mr. Adomako also said the deal is aimed at restoring the company to profitable and sustainable refining activity.

He added the deal is to ensure the rehabilitation and improvement of TOR infrastructure.

"The board is just poised to revive the company. We want to restore the morale of the staff and improve on the working conditions and benefits. We are just committed to supporting the company", he added.

It is unclear what has necessitated this decision by the OSP, but in recent times, the staff of TOR have been up in arms against five of their colleagues and two board members for allegedly registering an entity by the name ‘TOR Workers’ Charity Fund’ to confidentially take up shares in the TOR-Torentco deal without the concerns of the over 500 workers.

The TOR Workers’ Charity Trust, according to the aggrieved workers, was to allegedly aid Torentco Asset Management Limited (TAML), which had been renamed Tema Energy and Processing Limited (TEPL), as the new lessee for the proposed transaction.

The TOR Workers’ Charity Trust, according to the angry workers, was registered on August 29, 2023.

They have accused two board members, two management staff, two UNICOF executives, and one junior staff of allegedly conniving in registering the fund in a grand scheme to ensure that the controversial TOR-Torentco deal goes through.

Although the TOR has a capacity to refine 45,000 barrels of oil per day, its operations have been inconsistent.

The refinery has incurred losses for years due to various factors.