The Board Chairman of the Tema Oil Refinery (TOR), David Adomako, has tendered his resignation, citing recent developments within the refinery as the reason for his decision.
In a letter addressed to the presidency, Adomako expressed concerns about the lack of transparency in the partnership deal negotiations between TOR and Tema Energy and Processing Limited, formerly Torentco Asset Management Limited, leading to discontent among TOR workers.
The General Transport Petroleum and Chemical Workers Union (GTPCWU) accused the management and Board of failing to ensure transparency in the partnership deal, resulting in the interdiction of two union executives – Serwah Duncan-Williams and Anthony Koomson.
Adomako, in his resignation letter, stated that he was unable to dedicate the necessary time and energy for a renewed pursuit of a solution due to recent challenges.
He emphasized the need for harmony among staff, management, the board, and other stakeholders for a successful restructuring effort.
The proposed partnership with Torentco, which Adomako sees as crucial for TOR’s revival and financial sustainability, is yet to materialize.
Adomako acknowledged the challenges in securing government financial support for refinery rehabilitation and attracting private sector investment.
He highlighted the board’s instruction to explore alternative strategic options for TOR while continuing efforts to attract investors for rehabilitation.
Adomako warned about TOR’s struggle to secure necessary funding from the government, emphasizing the importance of finding a strategic partner for the refinery’s viability.
Despite his resignation, he expressed best wishes for TOR’s staff and the refinery’s future.
Simultaneously, the National Labour Commission has intervened, requesting the Acting Managing Director of TOR to address complaints from the Workers’ Union concerning the interdiction of the two executives.