TIG Post

Tag: TOR

  • TOR to be headed by Edmond Kombat

    TOR to be headed by Edmond Kombat

    Edmond Kombat has been appointed as the Managing Director of the Tema Oil Refinery (TOR), assuming leadership at a crucial juncture for Ghana’s premier oil refinery.

    His appointment signals a fresh opportunity to revitalize the refinery, which has grappled with operational setbacks and financial constraints in recent years.

    With a wealth of experience in the energy and finance sectors, Kombat is seen as a transformative leader capable of steering TOR back to prominence. His immediate focus will be on modernizing the refinery’s operations, addressing inefficiencies, and exploring private-sector partnerships to inject capital and technical expertise into the struggling company.

    About Edmond Kombat

    Edmond Kombat is a seasoned lawyer, entrepreneur, and advocate for Pan-African development, whose impressive career spans law, finance, and energy. As a partner at Bidzakin Kombat Law Firm, he has built a strong reputation for legal excellence.

    Kombat’s academic achievements are equally remarkable. He graduated with First Class Honours from the University of Ghana, earned his LL.B from GIMPA Faculty of Law, and obtained his BL and QCL from the Ghana School of Law. He also holds a Master of Public Administration (MPA) degree from Harvard University and completed the Securities Industry Course at the Ghana Stock Exchange.

    Kombat’s professional journey highlights his deep expertise in energy and finance. He began his career as a Financial Analyst at Bank of America Merrill Lynch in London. He later worked as an Energy Analyst at TOR and as a Business and Energy Analyst at the Bulk Oil Storage and Transportation Company Limited (BOST).

    During his time as a Research Assistant at the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School, he honed his analytical skills and broadened his understanding of global energy challenges.

    Beyond his roles in law and energy, Kombat is an accomplished entrepreneur. He is the Founder and Chairman of the Edkom Group of Companies, a conglomerate with interests in agribusiness, energy, real estate, and mining through subsidiaries such as Oyster Agribusiness, Citi Energy, Monip Estates, and Kasi Precious Minerals.

    Kombat also co-founded the Institute for Energy Security (IES), where he serves as Director of Research and Finance. His work at IES focuses on advancing energy research and promoting financial sustainability in the sector.

  • ‘Politics’ at TOR deterring investors – Report

    ‘Politics’ at TOR deterring investors – Report

    Public Enterprises Minister Joseph Cudjoe has pinpointed the main reason behind the Tema Oil Refinery’s (TOR) challenges in securing and maintaining substantial investment.

    He noted that TOR has become a “political football,” creating an environment of instability that deters serious investors from committing their resources.

    “Anytime you have spoken to someone out there to bring investment to TOR, and I’m talking about serious investors in the refinery business, the response I have received is, TOR is a political football in Ghana. Therefore, which serious investor will come and expose his good money, corporate image, and personal reputation to a political football,” he stated.

    During his appearance at the Ministry of Information’s Meet-The-Press series in Accra, Joseph Cudjoe, who previously served as Deputy Minister of Energy for Finance and Infrastructure, disclosed that efforts to attract private investors to collaborate with the government in recapitalizing TOR frequently encounter obstacles due to worries about political interference.

    This, he said, serves as a major deterrent to potential investors who fear they “will be politically witch-hunted” or subjected to “unnecessary and uninformed public commentary,” ultimately risking their ability to conduct business elsewhere.

    “Private investors usually don’t want to be known. They want their names out of the public domain. But in Ghana, get close to a public asset and see what will happen to you. People have money to invest, but they don’t want their names to be dragged in public as if they are thieves,” he stressed.

    The minister criticized the current climate in which investors are frequently labeled as thieves when they express interest in revitalizing underperforming public assets.

    “We have a certain cultural environment in Ghana where when you have money and are getting close to a public asset to invest in, we start branding you a thief. So, it makes it difficult to attract serious private investment, good money into public assets. Because people don’t want their reputation to be soiled in Ghana when they have to go and invest in other countries like Norway, UAE when he comes here to invest his money in TOR, and it is as if he is stealing Ghana’s money, that’s the conversation among investors out there,” he indicated.

    Joseph Cudjoe pointed out that because of this perception, serious investors often prefer to steer clear of Ghana or choose to initiate their own new projects instead of risking their reputation by investing in existing public assets.

    “So don’t be surprised that directly opposite TOR and in the same industrial enclave, there is a certain Sentuo, that will rather come out and build another refinery but then we could have offered TOR to the same investor to put money in it. Don’t be surprised that the proposed Petroleum Hub development project will attract another serious refinery, and our TOR will be there because we’ve made TOR a political football,” the minister stated.

    However, he remains hopeful that “the President has put together a team to look into TOR and get a turnaround” to finally resolve the long-standing challenges of this strategic state asset.

  • Partnership between TOR, Sentuo pivotal – Herbert Krapa

    Partnership between TOR, Sentuo pivotal – Herbert Krapa

    Minister of State at the Ministry of Energy, Herbert Krapa, has emphasised the importance of forging a stronger partnership between the Tema Oil Refinery (TOR) and Sentuo Oil Refinery.

    This call to action came during his recent working visit to the two facilities in Tema, where he was joined by the Deputy Chief Executive Officer of the National Petroleum Authority (NPA), Perry Okudzeto, and directors from the Ministry.

    Mr. Krapa emphasized the significant advantages that could accrue to the nation if both refineries were to operate at full capacity, given the substantial domestic demand for refined products.

    He remarked, “There is no reason for friction between TOR and Sentuo; instead, there should be a synergistic relationship that benefits the consumer.”

    During discussions about TOR’s current operations, Mr. Krapa reiterated the government’s dedication to revitalizing the refinery, highlighting its potential to generate revenue and fulfill its foundational purpose.

    “TOR is a strategic asset with immense potential in the downstream sector. It’s disappointing that we haven’t been able to get TOR to operate at full capacity. However, it is not too late to turn things around,” he stated.

    Mr. Krapa also stressed the necessity of securing a strategic partner for TOR but pointed out the need for immediate measures to enhance the refinery’s operational readiness.

    He noted that downstream companies are already utilizing TOR’s laboratory, which is functioning at only 30 to 40 percent of its capacity. He described the lab as a “low-hanging fruit” that could quickly generate revenue if its capacity were fully utilized.

    To capitalize on this opportunity, Mr. Krapa proposed injecting resources to maximize the lab’s operational capacity, which would provide immediate financial benefits.

    He assured that the government would continue to support TOR and collaborate closely with its management to achieve the refinery’s revival.

    Highlighting TOR’s comprehensive capabilities, Mr. Krapa pointed out its ability to produce all petroleum products and its extensive infrastructure, which includes the largest gantry, significant storage facilities, pipelines, and a catalytic cracker.

    He also acknowledged the necessity of attracting an investor who could provide liquidity support, retool parts of the plant with new equipment, and supply products.

    To ensure the seamless operation of TOR, Mr. Krapa committed to fostering a cooperative environment among management, the board, and various unions, emphasizing the importance of addressing issues promptly to avoid any disruptions to the refinery’s operations.

  • Former TOR boss Asante Berko to be taken to US for trial over alleged bribery 

    Former TOR boss Asante Berko to be taken to US for trial over alleged bribery 

    Former Goldman Sachs Group Inc. banker Asante Berko is appealing a UK court decision to extradite him to the US, where he faces allegations of bribing Ghanaian officials during his time at the investment bank.

    Berko is accused of collaborating with Ghanaian officials and others in a bribery scheme that benefited himself, the bank, and a Turkish energy company seeking to construct a power plant in Ghana.

    Prosecutors argue that Berko should be extradited to face trial in the US.

    During a recent London appeal hearing, Berko’s legal team argued that the extradition order should be dismissed.

    They contended that the charges did not constitute grounds for extradition, especially considering that most of the alleged acts occurred in London.

    However, attorneys representing the US government argued in favour of extradition, claiming that Berko and other unnamed co-conspirators bribed Ghanaian officials with over $700,000.

    They allege that the group arranged to be reimbursed for these bribes through fraudulent invoices issued to the energy company.

    The reimbursements were then funnelled from Turkey, through US bank accounts, and ultimately to Ghana.

    In addition to facing extradition, Berko was also sued by the Securities and Exchange Commission (SEC) in 2020 for the same conduct.

    He settled the SEC’s lawsuit by agreeing to pay more than $329,000 in fines without admitting or denying the allegations.

    A spokesperson for Goldman Sachs did not immediately respond to a request for comment on the matter.

  • Gov’t increases number of TOR Board of Directors from 9 to 11

    Gov’t increases number of TOR Board of Directors from 9 to 11

    The Director-General of the State Interest and Governance Authority (SIGA), John Boadu, has announced the formation of a new 11-member board to oversee the management of the Tema Oil Refinery (TOR).

    This move is part of the government’s efforts to restore TOR to its former success.

    Mr Boadu stated on JoyNews’ The Probe on April 14 that “Government has put in place a new board. I was there on Friday to take them through a resolution to increase the number of their directors from nine to eleven.”  

    “Because their regulation requires that the maximum should be nine but ordinary resolution can give the mandate for them to increase the number to eleven.

    “I have asked them that within a week, they should let me know what their plans and programmes are, and which areas we can also help,” he said.

    The decision comes after a 2021 State Ownership Report highlighted TOR as one of 10 State-Owned Enterprises (SOEs) experiencing losses, with an average loss of GH₵260.7 million from 2017 to 2021.

    The former General Secretary of the New Patriotic Party (NPP) acknowledged that the government shares some responsibility for TOR’s debt situation. He criticized the government for politicizing issues instead of ensuring proper management.

    “One thing that sometimes it is difficult discussing, but it is something that we must discuss as a country is that, you have a government having 100% shares in TOR. Prices of products increase in the international market, for the sake of politics [they say] that if they pass it on to the consumer there would be noise, there would be this.”

    “The government says to keep it, I am going to support you. The government never pays. So some of these accumulated debt that you see are the results of our own inaction,” he added.

    “While dismissing the speculations that TOR was up for sale, he said, “I knew that there were attempts for some arrangements that did not go through.”

  • Gov’t sets up new TOR board to oversee day-to-day management

    Gov’t sets up new TOR board to oversee day-to-day management

    Director-General of the State Interest and Governance Authority (SIGA), John Boadu, has announced the formation of a new board to oversee the management of the Tema Oil Refinery (TOR).

    This move is part of the government’s efforts to restore TOR to its former success.

    The decision comes after a 2021 State Ownership Report highlighted TOR as one of 10 State-Owned Enterprises (SOEs) experiencing losses, with an average loss of GH₵260.7 million from 2017 to 2021.

    Mr Boadu stated on JoyNews’ The Probe on April 14 that the government is aware of the issue and is taking decisive actions to address it.

    “Government has put in place a new board. I was there on Friday to take them through a resolution to increase the number of their directors from nine to eleven.  

    “Because their regulation requires that the maximum should be nine but ordinary resolution can give the mandate for them to increase the number to eleven.

    “I have asked them that within a week, they should let me know what their plans and programmes are, and which areas we can also help,” he said.

    The former General Secretary of the New Patriotic Party (NPP) acknowledged that the government shares some responsibility for TOR’s debt situation. He criticized the government for politicizing issues instead of ensuring proper management.

    “One thing that sometimes it is difficult discussing, but it is something that we must discuss as a country is that, you have a government having 100% shares in TOR. Prices of products increase in the international market, for the sake of politics [they say] that if they pass it on to the consumer there would be noise, there would be this.”

    “The government says to keep it, I am going to support you. The government never pays. So some of these accumulated debt that you see are the results of our own inaction,” he added.

    “While dismissing the speculations that TOR was up for sale, he said, “I knew that there were attempts for some arrangements that did not go through.”

  • Sentuo Oil Refinery has not taken over TOR – Management

    Sentuo Oil Refinery has not taken over TOR – Management

    Tema Oil Refinery (TOR) has denied claims of an alleged takeover by Sentuo Oil Refinery, dismissing allegations of a meeting to discuss the sale of the national refinery to the Chinese-owned private oil refinery.

    Mensah Thompson, the Executive Director of ASEPA, had earlier alleged on Monday, April 8, that there was a meeting between TOR management and Sentuo Oil Refinery Ltd to discuss the sale of the national refinery.

    However, TOR clarified in a statement on Wednesday, April 10, 2024, that no discussions have taken place regarding the sale and no ceremony has been planned to mark Sentuo’s acquisition of TOR.

    TOR explained that its current arrangement with Sentuo involves storing some of Sentuo’s crude oil in TOR’s storage tanks, with TOR pumping the oil back to Sentuo when the latter is ready to refine it.

  • Tell us if TOR has been sold to Chinese company, Sentuo – ASEPA to gov’t

    Tell us if TOR has been sold to Chinese company, Sentuo – ASEPA to gov’t

    The Alliance for Social Equity and Public Accountability (ASEPA) has urged the Tema Oil Refinery (TOR) and the Sentuo Oil Refinery to disclose the details of their relationship amid allegations of TOR’s sale to Sentuo Oil Refinery.

    In a statement issued on Monday, April 8, ASEPA’s Executive Director, Mensah Thompson, revealed that ASEPA had received a whistleblower alert from a TOR insider about a meeting between TOR management and the Chinese-owned Sentuo Oil Refinery Ltd. The meeting was allegedly to discuss the sale of the national refinery to Sentuo.

    “The meeting we were informed lasted from 10 am to 1 pm at the premises of the TOR after which there was a large celebration at Sentuo Oil Refinery Ltd to celebrate the outcome of the supposed meeting. The said meeting till now has not been reported in the media neither has Tema Oil Refinery issued an official statement on the matter,” it added.

    In response, ASEPA has announced its intention to invoke the Right to Information Law to compel both TOR and Sentuo Oil Refinery to disclose the nature of their relationship. ASEPA seeks clarification on whether TOR has been sold to Sentuo, if Sentuo has assumed management of TOR, or if certain aspects of TOR’s operations have been transferred to Sentuo.

    “The RTI request would also demand from the management of TOR to disclose to the general public the content of the April 4th meeting between both parties and what the ramifications are for the future of TOR,” it added.

    ASEPA emphasized that as a public institution, TOR has a duty of care to the citizens. Therefore, it must ensure the highest level of transparency required under Ghanaian law in all its operations and management.

  • Conversation starters that makes him enjoy your company

    Conversation starters that makes him enjoy your company

    Embarking on ‘The Commitment Talk’ with your significant other can send shivers down your spine. Despite enjoying memorable moments together, a lingering uncertainty clouds the nature of your bond.

    You’ve savored outings, grown intimately close, yet questions persist about the trajectory of your relationship. The fear looms large: what if your perception of the relationship diverges from your partner’s?

    The mere thought of broaching the topic, of mentioning the ominous “C” word, sends shivers down your spine. The fear of driving your partner away with a simple request for commitment haunts many, regardless of gender.

    Avoiding the conversation becomes an all too common coping mechanism. Worries about exerting pressure, misinterpretation, or unwelcome revelations deter individuals from initiating discussions on commitment. Instead, they pore over casual remarks, scrutinize non-verbal cues, hoping to decipher unspoken desires. Yet, this reluctance often leads to misunderstandings and emotional turmoil.

    Assumptions about exclusivity and monogamy may prevail, yet without explicit agreements, ambiguity lingers. The absence of defined commitments raises the specter of inadvertently transgressing undefined boundaries.

    Commitment transcends conventional milestones like cohabitation or marriage. It encompasses a mutual pledge, adaptable to the evolving stages of a relationship. Even within non-traditional arrangements, commitments can thrive, rooted in principles like honesty and fidelity.

    Revisiting commitments is pivotal as relationships evolve. Authentic introspection is key: What are your relationship aspirations? How do you envision the pace of progress? Identifying non-negotiables sets the stage for candid dialogue—areas where compromise is non-negotiable.

    Initiating ‘The Commitment Talk’ necessitates courage and tact. Avoid phrases laden with pressure or ultimatums, opting instead for a tone of understanding and openness. Timing and setting are critical considerations, minimizing apprehension and fostering genuine dialogue.

    Navigating the conversation requires finesse, employing phrases that invite collaboration rather than coercion:

    “Are you willing to…?” encourages open discussion, fostering mutual understanding and alignment.

    “Here’s how I’d like this to be…” communicates personal desires and expectations, paving the way for constructive dialogue.

    “Do you agree to…?” addresses specific concerns, promoting clarity and mutual respect.

    “What are you willing to commit to?” prompts reflection, facilitating mutual exploration of shared values and goals.

    Approaching ‘The Commitment Talk’ with empathy and sincerity lays the groundwork for a stronger, more fulfilling relationship, built on shared understanding and mutual respect.

    Use these 4 phrases to ask for the kind of commitment you want (but won’t scare him away):

    “Are you willing to…?”

    Make sure that your tone matches the intent of this question. Find out what he is (and isn’t) willing to commit to with you. If you feel yourself getting defensive or shutting down because of what he says, take a deep breath and really hear his words. You two might not be as far apart about commitment as you initially think. You won’t know unless you stay open and listen.

    “Here’s how I’d like this to be…”

    Let him know that you’re clear about your intentions. Talk specifically about your expectations of him and your behaviors, how you’d like to be as a couple, and what your possible next steps are with a phrase like this. Speak these words as a statement of what you want and not as a demand.

    “Do you agree to…?”

    This is a helpful question to ask for specific issues you want to address. For example, if you’re in a long-distance relationship and you are concerned that he is romantically chatting with others online or dating others, ask him to agree to date and be romantic or intimate only with you.

    “What are you willing to commit to?”

    This question can be useful if the two of you seem to be in different places when it comes to commitment.

    If you know where you disagree, ask him this question to find out where what you each want might overlap. Remember, you don’t have to give up on what’s most important to you or just go along with whatever he says. His answers to this question will let you know whether or not what you both want is a match. Use this to decide whether you’ll be flexible about commitment or whether it’s time to move on.

  • Energy Minister inaugurates New board members to revive TOR

    Energy Minister inaugurates New board members to revive TOR

    On Tuesday, March 26th, Energy Minister Dr. Matthew Opoku Prempeh presided over the inauguration of the reconstituted Board of Directors of the Tema Oil Refinery.

    The 11-member board, chaired by Mr. Leon Kendon Appenteng and led by Mr. Kofi Mocumbi Tagoe as Managing Director, has received a directive from the Minister.

    They are tasked with leveraging their expertise to spearhead efforts in attracting new strategic partners. These partners are crucial in enhancing the refinery’s viability and enabling it to adapt effectively to the dynamic challenges and opportunities of the current era.

    “The Tema Oil Refinery has a longstanding and chequered history that I am sure we are all familiar with. Indeed, two years ago this month, I had the duty of inaugurating a substantive board after and Interim Management Committee had replaced an earlier substantive board. In spite of several interventions in the past, TOR seems to remain in distress. This cannot, and must not continue,” the Minister said.

    He continued “There is enough demand in the country for what TOR’s core mandate stands for, and I urge you to see new entrants into the market more as your collaborators than your competitors per se. In that process, I urge you to be mindful that demand is not stagnant, and TOR must work hard towards becoming a viable player in this industry and to take advantage of the demand for your services.

    “Before I conclude I would want to urge TOR to make it a deliberate effort to ensure that it becomes a modern day 21st century organization centered on profit making as State-owned company supporting the government of the day.”

    The Board comprises additional members such as Dr. Antoinette Tsiboe-Darko, Mrs. Edith Sapare Grant, and Nana Akua Bakoma Prempeh. Also included are Mrs. Loraine Crabbe Ababio, Mr. Alfred Thompson, Mr. Joseph Mensah Browne, Mr. Kwame Baffor, and Mr. Herbert Ato Morrisson.

  • Make deliberate effort to revive TOR – Energy Minister tells new Board

    Make deliberate effort to revive TOR – Energy Minister tells new Board

    Energy Minister Matthew Opoku Prempeh has urged the newly appointed Board of Directors of the Tema Oil Refinery (TOR) to revitalize Ghana’s sole refinery and restore its financial viability.

    During the inauguration of the eleven-member board in Accra, Dr. Prempeh expressed concern about TOR’s ongoing financial struggles despite previous interventions. He emphasized that this situation must be addressed urgently.

    Dr. Prempeh highlighted the substantial demand within the country for TOR’s core services and encouraged the new board to view emerging market players as potential collaborators rather than direct competitors.

    “I would want to urge TOR to make a deliberate effort to ensure that it becomes a modern-day 21st-century organisation centred on profit-making as a State-owned company supporting the government of the day,” he stated.

    Furthermore, Dr. Prempeh emphasized the need for TOR to modernize its operations and operate as a profit-oriented entity aligned with the government’s objectives.

    The newly constituted board, chaired by Leon Kendon Appenteng, includes Kofi Mocumbi Tagoe as Managing Director, and members such as Dr. Antoinette Tsiboe-Darko, Edith Sapare Grant, Nana Akua Bakoma Prempeh, Loraine Crabbe Ababio, Alfred Thompson, Joseph Mensah Browne, Kwame Baffoe, and Herbert Ato Morrisson.

  • Kofi Mocumbi Tagoe appointed as new TOR Managing Director by Akufo-Addo

    Kofi Mocumbi Tagoe appointed as new TOR Managing Director by Akufo-Addo

    President Nana Addo Dankwa Akufo-Addo has appointed Kofi Mocumbi Tagoe as the new Managing Director of the Tema Oil Refinery (TOR).

    This decision follows the resignation of Jerry Kofi Hinson as TOR’s Managing Director in August 2023, and the departure of Board Chairman David Amoako in February of this year.

    In a letter dated March 18, 2024, addressed to Energy Minister Dr. Matthew Opoku Prempeh and signed by the Executive Secretary to the President, President Akufo-Addo also announced the reconstitution of TOR’s board. Leon Kendon Appenteng has been nominated as the new Chairman.

    Additionally, ten new appointments have been made to form the reconstituted Tema Oil Refinery Board.

    “In view of the reconstitution of the board of the Tema Oil Refinery Company Limited (the Company), the President has nominated the following Leon Kendon Appenteng; Kofi Macumbi Tagoe; Dr Antoinette Tsiboe-Darko; Edith Sapara-Grant; Nana Akua Bakoma Prempeh; Lorraine Crabbe Ababio; Joseph Mensah Browne; Alfred George Thompson; Paul Kwaku Kyei Ofori; Kwame Baffoe and Herbert Ato Morrison.”

    President Akufo-Addo directed the Energy Minister to promptly take necessary measures to formalize nominations in compliance with the applicable provisions of the Companies Act 2019 (Act 992).

  • David Adomako steps down as TOR’s board chairman

    David Adomako steps down as TOR’s board chairman

    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.

  • Interdicted TOR executives will be reinstated immediately – GTPCWU assures

    Interdicted TOR executives will be reinstated immediately – GTPCWU assures

    The General Transport, Petroleum and Chemical Workers‘ Union (GTPCWU) under the Trades Union Congress has pledged the immediate reinstatement of two union executives who faced interdiction by the Tema Oil Refinery (TOR) Board in relation to the contentious TOR-Torentco deal.

    The Board accused the Chairperson of the Junior Staff Association and the Chairman of the Senior Staff Association at TOR of divulging classified information concerning the TOR-Torentco deal during a press conference.

    Allegedly, the staff members breached the non-disclosure agreement regarding the draft TOR/Torentco Lease and O&M agreements.

    However, Anthony Joojo Koomson, Chairman of the Petroleum Union Senior Staff Association, refuted the allegations, asserting that the interdicted executives did not commit any wrongdoing. He argued that the Board is overstepping its authority to influence TOR Management.

    In an interview on TV3’s News Central on January 16, Mr. Koomson stated, “We will ensure that the right thing is done, and that this brother and sister will be recalled to their work immediately and unconditionally because they have not done anything wrong. It is just that the Board feels that they have the authority to influence Management to sort of take such a decision.”

    He further emphasized that the Union will stand firm against the Board’s actions and ensure that legal processes are followed. TOR workers had previously opposed the TOR-Torentco deal and called for the dissolution of the TOR Board.

  • I released TOR information because the president said we should act as citizens not spectators – Interdicted TOR employee

    I released TOR information because the president said we should act as citizens not spectators – Interdicted TOR employee

    One of the interdicted executives of the General Transport Petroleum Chemical Workers Union (GTPCWU), Anthony Joojo Koomson, asserts that he was justified in revealing specific details about the Tema Oil Refinery (TOR) and Torentco deal to the public.

    Koomson, one of the two union executives interdicted by the TOR Board of Directors for disclosing classified information during a press conference, defends his actions.

    He states that his decision to make these disclosures was influenced by the President’s encouragement for individuals to speak up when they perceive something wrong happening.

    Speaking to JoyNews, he said “So, from the premise of the President’s inaugural speech that he wants all Ghanaians to be citizens and not spectators, we thought we need to go a step further to make Ghanaians know what is happening at TOR and allow all stakeholders to have access to the issue or the information that we have officially gotten from the Registrar General’s outfit concerning the incorporation of the Tema Energy and Processing Limited and the directors behind the TOR workers,” he said.

    He clarified that a misinterpreted code was used to interdict people who were worried about management carrying out specific tasks correctly.

    A strike over the deal and the interdiction has been threatened by GTPCWU.

  • Torentco deal: GTPCWU vows to see board “laugh at the wrong side of their mouth” over interdicted executives

    Torentco deal: GTPCWU vows to see board “laugh at the wrong side of their mouth” over interdicted executives

    General Transport, Petroleum, and Chemical Workers’ Union (GTPCWU) under the Trades Union Congress have assured the immediate reinstatement of two union executives who faced interdiction by the Tema Oil Refinery (TOR) Board of Directors in connection with the controversial TOR-Torentco deal.

    The Board claimed that the Chairperson for the Junior Staff Association at TOR and the Chairman for the Senior Staff Association were interdicted for disclosing classified information regarding the TOR-Torentco deal during a press conference.

    According to the Board, the staff breached the non-disclosure agreement regarding the draft TOR/Torentco Lease and O&M agreements.

    However, Anthony Joojo Koomson, the Chairman of the Petroleum Union Senior Staff Association, argued that the two interdicted executives did nothing wrong.

    He asserted that the Board is merely overstepping its powers to influence the management of TOR.


    “We will ensure that the right thing is done and that this brother and sister will be recalled to their work immediately and unconditionally because they have not done anything wrong.


    “It is just that the Board feels that they have the authority to influence Management to sort of take such decision,” he said in an interview on TV3’s News Central, January 16


    Mr. Koomson said the Union “will call the bluff of the board” and ensure the law takes it course.


    “I think they [the Board members] will laugh at the wrong side of their mouths”, he stressed.
    TOR workers had previously opposed the deal and demanded the dissolution of the TOR Board.

  • Interdicted TOR union executives will be reinstated by lawful means – GTPCWU

    Interdicted TOR union executives will be reinstated by lawful means – GTPCWU

    The General Transport Petroleum Chemical Workers Union (GTPCWU) is determined to secure the reinstatement of its interdicted executives promptly.

    The TOR Board of Directors interdicted two union executives over the controversial TOR-Torentco deal for allegedly disclosing classified information during a press conference.

    The union has been advocating for the removal of the TOR Board of Directors following concerns about the Torentco deal.

    The board cites a breach of the non-disclosure agreement in the TOR/Torentco Lease and O&M agreements, based on Article 43(4) (vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU.

    Bernard Owusu, Chairman of GTPCWU, challenged the board’s action, describing it as a ‘show of power’ and asserting that the executives did not commit any offense to justify their interdiction.

    “The Chairperson for the Junior Staff at TOR and the Chairman for the Senior Staff have been interdicted as employees of TOR for speaking to the media and talking about the Torentco deal. In the history of TOR, this is the first time that we have heard of this so-called manual of not speaking to the media or going to the media. This is sheer power; the board of directors wants to show they are the people in charge and are untouchable. The board claims they have shared confidential information, and by so doing, they have interdicted them. They have not done anything wrong; these are innocent workers who are doing their jobs as leaders of TOR. It means if you are doing something fraudulent, nobody should talk about it.”

    He emphasized that the union is taking steps to reverse the decision, and the workers will employ lawful means to bring the interdicted members back.

    Mr Owusu cautioned the TOR Board against venting their frustrations on workers, labeling them as incompetent in handling the responsibilities assigned by President Akufo-Addo’s government. The union vows to resist any attempts to target workers.

    He added, “The mother union is writing to management to revert the decision unconditionally; we are consulting our structures, and tomorrow we are having a management committee meeting. The workers of the refinery will not allow this to go to sleep without using lawful means to bring members back.”

    “Let me caution the board of TOR once again, we are saying that they are incompetent; they cannot do the job President Akufo-Addo’s government has given them. They have failed woefully. They rather want to vent their frustration on members; we will not allow that to survive,” he stated.

  • We are writing to TOR management to revert interdiction of Executives – GTPCWU

    We are writing to TOR management to revert interdiction of Executives – GTPCWU

    The General Transport Petroleum Chemical Workers Union (GTPCWU) is determined to secure the reinstatement of its interdicted executives without delay.

    The two executives faced interdiction by the TOR Board of Directors over their involvement in disclosing classified information related to the controversial deal between Tema Oil Refinery (TOR) and Torentco during a press conference.

    The union has been actively advocating for the removal of the TOR Board of Directors following their opposition to the Torentco deal. The board cited a breach of the non-disclosure agreement regarding the draft TOR/Torentco Lease and O&M agreements, referring to Article 43(4) (vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU.

    During an interview on Eyewitness News on January 15, 2024, Bernard Owusu, the Chairman of GTPCWU, asserted that the union executives did not commit any offense justifying their interdiction.

    He characterized the board’s action as a “show of power” and expressed unfamiliarity with the new manual introduced by the Board of Directors.

    “The Chairperson for the Junior Staff at TOR and the Chairman for the Senior Staff have been interdicted as employees of TOR for speaking to the media and talking about the Torentco deal. In the history of TOR, this is the first time that we have heard of this so-called manual of not speaking to the media or going to the media. This is sheer power; the board of directors wants to show they are the people in charge and are untouchable.

    The board claims they have shared confidential information, and by so doing, they have interdicted them. They have not done anything wrong; these are innocent workers who are doing their jobs as leaders of TOR. It means if you are doing something fraudulent, nobody should talk about it,” he said.

    Mr Owusu added, “The mother union is writing to management to revert the decision unconditionally; we are consulting our structures, and tomorrow we are having a management committee meeting. The workers of the refinery will not allow this to go to sleep without using lawful means to bring members back.”

    The Chairman of GTPCWU affirmed that the union will resist any attempts by the TOR Board of Directors to vent their anger on the workers.

    “Let me caution the board of TOR once again, we are saying that they are incompetent; they cannot do the job President Akufo-Addo’s government has given them. They have failed woefully. They rather want to vent their frustration on members; we will not allow that to survive,” he stated.

  • Two penalized for disclosing vital information on TOR-Torentco deal

    Two penalized for disclosing vital information on TOR-Torentco deal

    Two executives of the General Transport Petroleum Chemical Workers Union (GTPCWU) have faced immediate interdiction by the Tema Oil Refinery (TOR) Board of Directors in connection with the contentious deal involving TOR and Torentco.

    Anthony Joojo Koomson, Chairman of the Petroleum Union Senior Staff Association, confirmed the interdiction during an interview on Adom FM’s morning show, Dwaso Nsem, on Monday.

    The interdiction stems from their disclosure of crucial information about the TOR-Torentco deal at a press conference.

    The TOR Board alleges that the executives violated the non-disclosure agreement, which prohibited them from revealing details of the draft TOR/Torentco Lease and O&M agreements.

    The board cited Article 43(4)(vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU.

    “We alerted management about the shortfalls in the deal and they told us they can’t respond to the issues because the board is solely in charge. We wrote to the board and till date, they haven’t responded to us so we just had to do the needful by making the issue public,” he stated.

    “This is the biggest mistake by the Board because it will not end her. The mandate of the board is not to micro-manage management. It is management who is to take disciplinary action but this clearly shows the incompetence of the board and the fact that they do not understand their job,” he lashed out.

    In response, Koomson argued that the board acted in bad faith, asserting that his actions were in line with the Whistleblower Act. He stated that attempts to address the deal’s shortcomings with management went unanswered, compelling them to make the matter public.

    Mr Koomson warned that the interdiction would not silence him and criticized the board for overstepping its role. He accused the board of incompetence and a lack of understanding of its responsibilities.

    In light of the interdiction and the deal, GTPCWU has issued a threat of industrial action.

  • TOR interdicts two union executives over Torentco deal

    TOR interdicts two union executives over Torentco deal

    Two executives from the General Transport Petroleum Chemical Workers Union (GTPCWU) have been placed on interdiction in connection to the controversial deal between the Tema Oil Refinery (TOR) and Torentco.

    The decision, taken by the TOR Board of Directors, is effective immediately.

    Anthony Joojo Koomson, the Chairman of the Petroleum Union Senior Staff Association, confirmed the interdiction during an appearance on Adom FM’s morning show, Dwaso Nsem, on Monday.

    Mr. Koomson revealed that the interdiction was a result of their disclosure of crucial information about the TOR-Torentco deal during a press conference.

    The Board argued that they breached the non-disclosure agreement they undertook not to disclose the details of the draft TOR/Torentco Lease and O&M agreements, citing Article 43(4) (vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU.

    But Mr Koomson contends that the board acted in bad faith because his action was in accordance with the Whistleblower Act.

    “We alerted management about the shortfalls in the deal and they told us they can’t respond to the issues because the board is solely in charge. We wrote to the board and till date, they haven’t responded to us so we just had to do the needful by making the issue public,” he stated.

    Mr. Koomson cautioned that the Board should not assume that the interdiction will silence him under any circumstances.

    “This is the biggest mistake by the Board because it will not end her. The mandate of the board is not to micro-manage management. It is management who is to take disciplinary action but this clearly shows the incompetence of the board and the fact that they do not understand their job,” he lashed out.

    Meanwhile, GTPCWU has threatened industrial action over the interdiction and the deal.

  • TOR board interdicts 2 union executives over TOR-Torentco deal

    TOR board interdicts 2 union executives over TOR-Torentco deal

    Two executives of the General Transport Petroleum Chemical Workers Union (GTPCWU) have found themselves interdicted amid the swirling controversy surrounding the deal between the Tema Oil Refinery (TOR) and Torentco.

    The interdiction comes as authorities intensify investigations into the contentious agreement, raising questions about the roles of the union executives in the unfolding situation. The move signals a heightened focus on accountability and transparency within the union in the wake of the controversial TOR-Torentco deal.

    The decision, enacted by the TOR Board of Directors, comes into immediate effect.

    One of the interdicted persons, Anthony Joojo Koomson, who is the Chairman of the Petroleum Union Senior Staff Association confirmed this in an interview on Adom FM.

    Mr Koomson said they have been interdicted for disclosing vital information on the TOR-Torentco deal at a press conference.

    The Board argued that they breached the non-disclosure agreement they undertook not to disclose the details of the draft TOR /Torentco Lease and O&M agreements, citing Article 43(4) (vii) of the Collective Bargaining Agreement (CBA) between TOR and GTPCWU.

    But Mr Koomson contends that the board acted in bad faith because his action was in accordance with the Whistleblower Act.

    “We alerted management about the shortfalls in the deal and they told us they can’t respond to the issues because the board is solely in charge. We wrote to the board and till date, they haven’t responded to us so we just had to do the needful by making the issue public,” he stated.

    Mr Koomson warned the Board should not for any reason think the interdiction will gag him.

    “This is the biggest mistake by the Board because it will not end her. The mandate of the board is not to micro-manage management. It is management who is to take disciplinary action but this clearly shows the incompetence of the board and the fact that they do not understand their job,” he lashed out.

    Meanwhile, GTPCWU has threatened an industrial action over the interdiction and the deal.

  • OSP investigates corruption-related offenses involving government payroll, TOR deal and state lands

    OSP investigates corruption-related offenses involving government payroll, TOR deal and state lands

    The Office of the Special Prosecutor (OSP) has initiated investigations and corruption risk analysis into three state matters.

    These matters include the government payroll, state lands, and the proposed partnership between Tema Oil Refinery (TOR) and Tema Energy and Processing Limited.

    Kissi Agyebeng, the Special Prosecutor, stated that the OSP has the mandate to investigate and prosecute specific cases of suspected corruption and corruption-related offenses, as well as recover the proceeds of corruption and corruption-related offenses, which fall under these cases.

    He made the announcement at a press conference on November 29, 2023.

    Touching on the payroll, he said, “The assessment and investigation are especially aimed at isolating and removing non-existent names, recovering wrongful payments and the prosecution of persons suspected to be culpable for any offences.”

    Kissi Agyebeng, the Special Prosecutor, mentioned that to carry out the corruption risk analysis, his office is collaborating with the Controller and Accountant-General’s Department, and a joint project team has already been formed.

    The assessment will be conducted in two phases, with the first phase covering the Ghana Education Service and health institutions, followed by Metropolitan, Municipal, and District Assemblies, Ministries, Departments, and Agencies.

    The investigations will encompass all banks and individuals on the government payroll. Additionally, the management of Tema Oil Refinery has been directed to suspend the proposed partnership agreement, ongoing negotiations, and operations with Tema Energy and Processing Limited until further notice.

    Again, touching on state lands, he said “OSP has commenced an investigation into the appropriation, investigating state lands, stool lands and other vested lands to find sale and lease of state-owned land or properties to individuals and cooperate bodies since 1993.”

  • Asante Bediatuo responds to his alleged involvement in sale of TOR to Terentco

    Asante Bediatuo responds to his alleged involvement in sale of TOR to Terentco

    Executive Secretary to President Nana Addo Dankwa Akufo-Addo, Nana Bediatuo Asante, has addressed reports suggesting his involvement in the unsuccessful deal to sell the Tema Oil Refinery (TOR) to Terentco, a private company.

    In a statement released by Bediatuo Asante and presented by his legal team, Marfo and Associates Legal Practitioners, he declared his lack of awareness regarding the mentioned deal. Additionally, he clarified that he does not own Terentco, contrary to assertions made in the media reports.

    “In the said publication, your paper stated, among others, as follows: ‘In June this year, The Herald’s insider mentioned that the Energy Minister, Dr. Mathew Opoku Prempeh, and a cousin of President Akufo-Addo, Nana Bediatuo Asante, who doubles as his Executive Secretary, have for some time now been haggling over the TOR State Facility. Terentco is alleged to be the baby of Nana Bediatuo and is about to take away the State facility almost for free to a company that hadn’t sold even a one-liter bottle of kerosene before’.

    “We are instructed to inform you that our client does not have any dealings with the subject matter referred to supra and the same cannot be said to be the baby of our client. Moreover, our client has not haggled with anyone for the said TOR facility. Basic journalistic etiquette required you to at least cross-check your facts prior to publication but you deliberately published this false story for malicious reasons,” part of the statement reads.

    About the Terentco-TOR deal:

    The Office of the Special Prosecutor (OSP) has issued a directive to suspend a proposed partnership agreement between the Tema Oil Refinery (TOR) and Tema Energy and Processing Limited (TEPL). This directive comes after the Special Prosecutor’s Office conducted an analysis of the corruption risks associated with the proposed partnership.

    In a letter dated November 21, 2023, addressed to TOR’s Managing Director, Daniel Osei Appiah, the OSP instructed TOR to provide all necessary documentation related to the agreement by the close of Tuesday, December 5, 2023.

    The letter explicitly mandated TOR to immediately halt the proposed partnership agreement, ongoing negotiations, operations, and any other activities linked to the agreement until further notice from the Special Prosecutor.

    While the exact reasons behind the OSP’s decision remain unclear, recent discontent among TOR staff has surfaced, particularly regarding five colleagues and two board members.

    Allegations suggest that these individuals registered an entity named ‘TOR Workers’ Charity Fund’ to clandestinely acquire shares in the TOR-Torentco deal without the knowledge of over 500 workers.

    The aggrieved workers claim that the TOR Workers’ Charity Trust, registered on August 29 of this year, was intended to support Torentco Asset Management Limited (TAML), now known as Tema Energy and Processing Limited (TEPL), as the new lessee for the proposed transaction.

    Accusations include collusion among two Board Members, two management staff, two UNICOF executives, and one junior staff to ensure the TOR-Torentco deal’s approval.

    Despite having a refining capacity of 45,000 barrels of oil per day, TOR has faced operational inconsistencies, ongoing losses, management crises, political interference, and challenges with outdated equipment. The Special Prosecutor’s intervention adds a new layer of scrutiny to the proposed partnership, further delaying the resolution of TOR’s operational challenges.

  • Credibility of Torrentco shaky as AG fails to vouch for company in TOR partnership

    Credibility of Torrentco shaky as AG fails to vouch for company in TOR partnership

    The Office of the Attorney General and Ministry of Justice has stated its inability to affirm the credibility of Torrentco Asset Management Limited (TAML) as a suitable partner for the revival of Tema Oil Refinery (TOR).

    This follows Torrentco’s agreement with the TOR board to engage in a partnership that involves leasing a portion of TOR to Torrenco.

    In a letter addressed to the General Transport, Petroleum, and Chemical Workers Union of the Ghana Trades Union Congress, the Ministry expressed that the Due Diligence Report (DDR) has indicated that Torrentco lacks the financial and technical capacity required for the proposed transaction.

    “Based on the DDR submitted to our Office, our enquiries and the above observations our Office is not in the position to vouch for the credibility of TAML as a lessee in the Proposed Lease Transaction with TOR”.

    “From the DDR, TAML has no financial and technical capacity to undertake the proposed transaction”, it pointed out.

    The Attorney General’s Office further disclosed that TAML has no established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the proposed lease transaction.

    According to the Office, without the needed support “TAML lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction”.

    It concluded that “TAML lacks the requisite licenses and documentations to undertake the proposed lease transaction, proceeding with the project will therefore be contrary to the law”.

    Attorney-General-Letter-TOR-15-Nov-2023Download

  • Chapter of TUC demands dismissal of TOR Board of Directors

    The General Transport, Petroleum, and Chemical Workers’ Union of the Trades Union Congress (GTPCWU-TUC) has called upon President Akufo-Addo to reinstate a sense of professionalism in corporate governance within the Tema Oil Refinery’s (TOR) Board of Directors.

    They emphasize the importance of making decisions driven by integrity.

    GTPCWU-TUC has expressed concerns about the current Board of Directors (BOD), asserting that they have exhibited a high degree of incompetence.

    They believe that allowing the current BOD to remain in their positions is detrimental to the credibility of the appointing authority and places an undue financial burden on the public purse.

    Their argument is based on alleged questionable practices by the BOD in their efforts to secure a reputable strategic partner for TOR.

    “The current BOD of TOR is set up not based on competence but only on political considerations. As a result of this, they have tolerated and wasted our time over an Entity whose incorporated name started with Decimal Capital/VITOL, then changed to Baybridge Asset Management Limited, later to Torentco Asset Management Limited and now Tema Energy and Processing Limited, within a period of 18 months.

    “All the changes or evolutions of names are shrouded under the pretense of “a new SPV”, to cover one scandal or the other. As responsible citizens and key internal stakeholders of the refinery, who share in the President charge for citizenship and not spectators, we bring your attention to the latest development with this particular entity (Torentco Asset Management Limited).

    “As it stands now, due to the damming findings of the due diligence report, the surrogate of Torentco wearing the clothing of TOR BOD has allowed or tolerated a new SPV by name Tema Energy and Processing Limited with shares allocation of 40% to CAD Investment Holdings, 40% to Torentco and 20% to TOR Workers Charity Trust,” the group revealed.

    Furthermore, they have accused the Board of Directors (BOD) of incentivizing employees and offering shares in the new special purpose vehicle to those who compromised their integrity in order to advance their agenda. Instead, the engagement process should have been conducted through the management for a thorough workforce consultation.

    “On the blind side of 99% of TOR workers and executive management, some few executives of TOR’s local UNICOF executives (Abu Abass Bugubie, Bright Adongo) and their cohorts (Albert Amoako Adjei, Scott Tsevia and Emmanuel Abankwah) have secured an agreement with Torentco to incorporate an entity by guarantee in order to benefit from a 20% shares in the new SPV (Tema Energy and Processing Limited) without recourse to workers and management,” the group said.

    They added that “We will seek to remind executive management, especially the acting MD to do the needful with all the evidence available to establish orderliness in TOR, if these BOD members, the compromised TOR-UNICOF executives and their cohorts should be made to freely walk in the refinery.”

  • Tema Oil Refinery gas pipeline catches fire

    A Tema Oil Refinery (TOR) gas pipeline in Tema Industrial Area has caught fire.

    The fire which gutted a booster station behind GTP in Tema Industrial Area has, however, been knocked out by the Ghana National Fire Service (GNFS).

    The Service employed 5 pumps made up of Titus 4, Titus 5, Motor 4 and two (2) engines from Tema Oil Refinery (TOR).

    The affected pipeline found leaking gas has been isolated.

    The remaining gas stuck in the pipeline is being managed with foam compound and sacks, according to the Ghana National Fire Service.

  • TOR MD steps down over health issues

    TOR MD steps down over health issues

    The Managing Director of Tema Oil Refinery (TOR), Jerry Kofi Hinson, has submitted his resignation citing health reasons, as indicated in a letter directed to President Akufo-Addo.

    In a letter dated August 11, 2023, Mr. Hinson conveyed his regrettable inability to sustain his responsibilities as the MD due to unanticipated health circumstances.

    “Over the past 18 months, it has been my honor and privilege to serve as the Managing Director of Tema Oil Refinery (TOR).

    “Collaborating closely with the Board of Directors and Management, we undertook the formidable task of identifying a suitable partner to collaboratively rejuvenate TOR’s operations in a viable and sustainable manner.”

    “Despite the prolonged and challenging process, we successfully identified a potential partner who is now poised to undergo the requisite approval phases.”

    “Unfortunately, owing to unforeseen health challenges, I find myself compelled to step down from my position as Managing Director. With this communication, I formally tender my resignation, with the effective transition of responsibilities and duties to be coordinated in alignment with the Board of Directors,” excerpts from the letter stated.

    Mr. Hinson expressed his unwavering commitment to ensuring a seamless transfer of his obligations and pledged to diligently fulfill his duties until his departure.

    “I am dedicated to facilitating a smooth transfer of my responsibilities and discharging them conscientiously until my tenure concludes.”

    “I extend my sincere gratitude to you for affording me the distinct privilege to serve my nation at this esteemed capacity,” he added.

  • Any attempt to privatize TOR will be resisted – Minority to Gov’t

    Any attempt to privatize TOR will be resisted – Minority to Gov’t

    The minority party in parliament has threatened to use all legal means to prevent the Tema Oil Refinery’s planned privatization by Torrentco.

    Bright Simmons, vice president of Imani Africa, was the first to voice concerns about the six-year contract, which could only bring Ghana $3 million in revenue.

    John Abdulai Jinapor, the committee’s ranking member for mines and energy, said the contract is not in the nation’s best interests when speaking to the media in parliament.

    He requested that the government end the agreement right away so that a fair selection procedure may be used to identify a viable strategic partner for the revival of TOR.

    “The Minority once again has been following yet another emerging scandal in the energy sector. It does appear that even when we decide that we want to take a rest the Akufo-Addo led government will always inundate us with scandals especially in the energy sector.

    “We have been keenly following developments at the Tema Oil Refinery. We have become aware by the Akufo-Addo government to lease the Tema Oil Refinery for a six year period to a company known as Torrentco Asset Management Company,” Mr. Jinapor stated.

    He continued: “Our checks have indicated that this company has no track record when it comes to oil refineries. It has no track record when it comes to the oil sector and its balance sheet does suggest that it cannot provide the needed support to Tema Oil Refinery.”

    The minister added that Tema Oil Refinery is the only State refinery with the capacity to refine around 45,000 barrels of oil per day and is a vital asset.

    “If Tema Oil Refinery is well positioned and strategically positioned it will result in millions if not billions of savings when it comes to import substitution,” he added.

  • TOR has not signed any contract with Torentco – Energy Ministry clarifies

    TOR has not signed any contract with Torentco – Energy Ministry clarifies

    The Ministry of Energy has said there is no existing contract between Tema Oil Refinery (TOR) and its potential partner, Torentco.

    The Ministry emphasizes that while negotiations are currently taking place between the state agency and Torentco, no definitive agreement has been reached.

    In a press release issued on Sunday, June 25, the spokesperson for the Ministry, Kofi Abrefa Afena, urges critics of the sector minister, Dr. Matthew Opoku Prempeh, to verify their suspicions before publicly making any claims or accusations.

    According to him, such claims are baseless and the critics are unnecessarily damaging the reputation of persons in government.

    In the said release, Mr. Abrefa Afena challenged persons with any contrary documents to produce them or stop making unfounded accusations.

    “Dr. Matthew Opoku Prempeh as Energy Minister has demonstrated without a shred of doubt, his total commitment to getting TOR back to work in line with the vision of His Excellency the President.”

    “Indeed, the Board, Management and Staff of the Company are on record to have severally touted the numerous positive interventions of the Minister in this regard.”

    Mr. Abrefa Afena expressed the government’s desire to find strategic partners for the refinery.

    “Government’s quest at finding a credible partner towards revamping the company involves key state actors such as the State Interests and Governance Authority (SIGA) and the Attorney General’s Department,” he added.

    TOR, a crucial entity in Ghana’s energy sector, has faced significant challenges in recent years, including operational inefficiencies, financial constraints, and the need for infrastructure upgrades.

    Recognizing the urgency to address these issues, TOR’s management, in a statement, disclosed that it embarked on an extensive evaluation of potential solutions.

    According to the management, after careful consideration and rigorous analysis, the management team concluded that the Torentco deal offers the most promising path forward.

    Several Civil Society Organizations (CSOs), including the Africa Center for Energy Policy (ACEP), have raised concerns about the lease agreement negotiations between Torentco and the Tema Oil Refinery (TOR).

    ACEP revealed that Torentco, a newly established local Ghanaian company formed in January 2023, lacks the track record in the petroleum business and does not have the capacity to effectively take over TOR.

    “This is a new local Ghanaian company formed here in Ghana in January 2023, with no track record. If they fail to deliver, how do you hold them accountable? They don’t have any track record of dealing in petroleum businesses,” Mr Boakye said in a media interview.

    But TOR, in an official response, said the proposed deal entails a strategic partnership between TOR and Torentco, with the aim of modernizing the refinery’s operations, optimizing efficiency, and enhancing its competitive position.

    The collaboration will involve substantial investments in infrastructure, technology upgrades, and capacity expansion.

    According to TOR’s management, the Torentco deal will ensure a reliable supply of crude oil, a critical input for the refinery’s operations.

    TOR added that the Torentco deal is expected to bring much-needed financial stability to the refinery by leveraging Torentco’s financial resources and access to capital markets.

    The refinery will have the necessary funding for infrastructure upgrades, maintenance, and working capital, ensuring uninterrupted operations and improved financial performance.

    Furthermore, the collaboration will prevent some of the brightest engineers in the company from leaving.

    The management of TOR is confident that the Torentco deal represents a transformative opportunity for the refinery and Ghana’s energy sector as a whole. They believe that this strategic partnership will reposition TOR as a vital contributor to the country’s economic growth, job creation, and energy self-sufficiency.

    “The proposed transaction serves to achieve the following: Allow TOR to move from being an annual loss-making entity to sustained positive net cash flow during the term of the lease. Demonstrate that crude oil can be processed at the refinery, achieving industry-accepted yields if managed efficiently.

  • Torentco acquisition is the greatest way to restore TOR

    Torentco acquisition is the greatest way to restore TOR

    The Torentco transaction, according to the Tema Oil Refinery (TOR) management, is the greatest alternative for reviving the refinery and ensuring its long-term viability.

    TOR, a crucial entity in Ghana’s energy sector, has faced significant challenges in recent years, including operational inefficiencies, financial constraints, and the need for infrastructure upgrades.

    Recognizing the urgency to address these issues, TOR’s management in a statement disclosed that it embarked on an extensive evaluation of potential solutions.

    According to the management, after careful consideration and rigorous analysis, the management team concluded that the Torentco deal offers the most promising path forward.

    Several Civil Society Organisations (CSOs) including the Africa Center for Energy Policy (ACEP) have raised concerns about the lease agreement negotiations between Torentco and the Tema Oil Refinery (TOR).

    ACEP revealed that Torentco, a newly established local Ghanaian company formed in January 2023, lacks the track record in the petroleum business and does not have the capacity to effectively take over TOR.

    “This is a new local Ghanaian company formed here in Ghana in January 2023, with no track record. If they fail to deliver, how do you hold them accountable? They don’t have any track record of dealing in petroleum businesses,” Mr Boakye said in an interview on Citi News.

    But TOR in an official response said the proposed deal entails a strategic partnership between TOR and Torentco, with the aim of modernizing the refinery’s operations, optimizing efficiency, and enhancing its competitive position. The collaboration will involve substantial investments in infrastructure, technology upgrades, and capacity expansion.

    According to TOR’s management, the Torentco deal will ensure a reliable supply of crude oil, a critical input for the refinery’s operations.

    TOR added that the Torentco deal is expected to bring much-needed financial stability to the refinery by leveraging Torentco’s financial resources and access to capital markets, the refinery will have the necessary funding for infrastructure upgrades, maintenance, and working capital, ensuring uninterrupted operations and improved financial performance.

    Furthermore, the collaboration will prevent some of the brightest engineers in the company from leaving.

    The management of TOR is confident that the Torentco deal represents a transformative opportunity for the refinery and Ghana’s energy sector as a whole. They believe that this strategic partnership will reposition TOR as a vital contributor to the country’s economic growth, job creation, and energy self-sufficiency.

    “The proposed transaction serves to achieve the following: Allow TOR to move from being an annual loss-making entity to sustained positive net cash flow during the term of the lease. Demonstrate that crude oil can be processed at the refinery, achieving industry-accepted yields if managed efficiently.

    A major problem engulfing the last two counterparties to have processed crude oil at TOR was the issue of product recoveries below the contractual yields, resulting in cash penalties against TOR that are currently outstanding and stem the tide of the continuous exodus of our valued engineering staff who leave every month for more secure opportunities in the Middle East and other parts of the world.”

  • TOR management reacts to CSOs regarding TOR-Torentco partnership

    TOR management reacts to CSOs regarding TOR-Torentco partnership

    Concerns about the cooperation between TOR and Rentco expressed by civil society organizations have been addressed by the board and management of the Tema Oil Refinery.

    The CSOs had raised objection to the partnership which they said had been carried out in obscurity and did not present the best opportunity or value to TOR.

    They added that the partnership would render the refinery invalid at the end of its six year tenure.

    However, the board and management responding to these concerns said while the concerns of the CSOs are welcomed, they have nothing to worry about.

    In a three paged report signed by the board and management, they noted while they had wished to deal directly with a major multinational company, TOR’s accrued debts have made the refinery unattractive to any of them, thus their settling on Torentco.

    They added that the partnership will allow TOR to move from being an annual loss making entity to a sustained positive net cash flow during the lease, and demonstrate that crude oil can be processed at the refinery, achieving industry accepted yields if managed efficiently.

    And finally, the partnership will stem the exodus of skilled staff to the middle east other parts of the world to secure opportunities.

    TOR’s board and management stated that the transaction is already in its final stages of documentation and the company has an extensive list of ‘conditions precedent’ which Torentco must satisfy to demonstrate their ability to deliver all that is required in the transaction.

    “if at any point they are unable to do so, the transaction will not become effective and TOR will left to continue with its ongoing efforts to find a solution,” TOR stated.

  • TOR management endorses Torentco deal

    TOR management endorses Torentco deal

    The Tema Oil Refinery (TOR) management has affirmed that the Torentco deal is the optimal choice for revitalizing the refinery and ensuring its long-term sustainability.

    TOR, a crucial entity in Ghana’s energy sector, has faced significant challenges in recent years, including operational inefficiencies, financial constraints, and the need for infrastructure upgrades.

    Recognizing the urgency to address these issues, TOR’s management in a statement disclosed that it embarked on an extensive evaluation of potential solutions.

    According to the management, after careful consideration and rigorous analysis, the management team concluded that the Torentco deal offers the most promising path forward.

    Several Civil Society Organisations (CSOs) including the Africa Center for Energy Policy (ACEP) have raised concerns about the lease agreement negotiations between Torentco and the Tema Oil Refinery (TOR).

    ACEP revealed that Torentco, a newly established local Ghanaian company formed in January 2023, lacks the track record in the petroleum business and does not have the capacity to effectively take over TOR.

    “This is a new local Ghanaian company formed here in Ghana in January 2023, with no track record. If they fail to deliver, how do you hold them accountable? They don’t have any track record of dealing in petroleum businesses,” Mr Boakye said in an interview on Citi News.

    But TOR in an official response said the proposed deal entails a strategic partnership between TOR and Torentco, with the aim of modernizing the refinery’s operations, optimizing efficiency, and enhancing its competitive position. The collaboration will involve substantial investments in infrastructure, technology upgrades, and capacity expansion.

    According to TOR’s management, the Torentco deal will ensure a reliable supply of crude oil, a critical input for the refinery’s operations.

    TOR added that the Torentco deal is expected to bring much-needed financial stability to the refinery by leveraging Torentco’s financial resources and access to capital markets, the refinery will have the necessary funding for infrastructure upgrades, maintenance, and working capital, ensuring uninterrupted operations and improved financial performance.

    Furthermore, the collaboration will prevent some of the brightest engineers in the company from leaving.

    The management of TOR is confident that the Torentco deal represents a transformative opportunity for the refinery and Ghana’s energy sector as a whole. They believe that this strategic partnership will reposition TOR as a vital contributor to the country’s economic growth, job creation, and energy self-sufficiency.

    “The proposed transaction serves to achieve the following: Allow TOR to move from being an annual loss-making entity to sustained positive net cash flow during the term of the lease. Demonstrate that crude oil can be processed at the refinery, achieving industry-accepted yields if managed efficiently.

    A major problem engulfing the last two counterparties to have processed crude oil at TOR was the issue of product recoveries below the contractual yields, resulting in cash penalties against TOR that are currently outstanding and stem the tide of the continuous exodus of our valued engineering staff who leave every month for more secure opportunities in the Middle East and other parts of the world.”

  • Oil is not Torentco Assets Management’s area of expertise – ACEP alleges

    Oil is not Torentco Assets Management’s area of expertise – ACEP alleges

    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.

  • Don’t participate in illegal strike if you don’t want to be punished – TOR MD tells workers

    Don’t participate in illegal strike if you don’t want to be punished – TOR MD tells workers

    Managing director of the Tema Oil Refinery (TOR), Jerry K. Hinson, has referred to attempts by some firm employees to participate in industrial action as unethical.

    In a letter to the workers, Mr Hinson warned that any worker who participates in the illegal strike action or picketing will be dealt with according to the laws.

    The General Transport Petroleum Chemical Workers Union (GTPCWU) on Tuesday, April 18 announced its intention to embark on a series of actions in support of its call for the revamping of TOR.

    At a press conference at the forecourt of TOR, Mr Bernard Owusu, National Chairman of GTPCWU, said the industrial action would precede the May Day celebrations.

    He added that the workers plan to picket at the Jubilee House, the Ministry of Energy, and other strategic locations after meetings with management and government officials yielded no result.

    “At a time of ongoing financial distress and debt restructuring program, significant benefits of this magnitude in an essential commodity such as petroleum products should be top on the national agenda. Unless the managers of the country have no confidence in those they have appointed to manage the TOR facility. The state is responsible for and determines those who constitute the Board of Directors and the MD of TOR. Therefore, all past and current operational anomalies and challenges must be borne by the appointing authority of these key critical office holders, knowing very well that all operational controls are a function of management.”

    But in a letter to the workers, the TOR MD reminded workers that various procedures to address their challenges and grievances have not been exhausted, hence any attempt to embark on industrial action is unlawful and a breach of the Labour Act.

    “Kindly be aware of the illegality of any such actions under clauses 168- 1 71 of the Labour Act and the consequences thereunder for participants/staff involved. Please be aware of section 171 in particular which emphasises the term “picketing” which is only lawful in furtherance of a lawful strike/industrial action.”

    “Kindly be advised finally that participation of staff in any illegal action or picketing or indeed any act that purports to disrupt the activities of the Company or possibly undermine the authority of the Shareholder will be subjected to the prescribed ramifications under the relevant laws.”

  • Former TOR boss Asante Berko arrested in UK over alleged bribery scheme

    A former Managing Director of the Tema Oil Refinery (TOR), Asante Berko, has been arrested in the United Kingdom over alleged bribery.
    Recall that in 2020, he was sued over the same conduct by the Securities and Exchange Commission in the U.S.

    According to Bloomberg reports, Mr Berko, who is also a former Goldman Sachs Group Inc. was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank.

    He was arrested at Heathrow Airport, reports further indicate, and he is facing six counts on an issue dated August 2020.

    Details of the alleged bribery a federal court in Brooklyn, New York, accuses Berko of conspiring with at least two Ghanaian officials and four others in a bribery scheme that benefited Goldman, himself, and a Turkish energy company that sought to build a power plant in the African nation.

    However, the identities of the two other persons involved are yet to be revealed. Meanwhile, the lawyer for Mr Berko, Carl Loewenson, and
    the spokesperson for Brooklyn US Attorney Breon Peace, John Marzulli, have declined to comment.

    The indictment claims that Berko was a member of the Goldman team in charge of arranging and overseeing financing for the power
    plant project at the time of the conspiracy.

    He allegedly paid the bribes to obtain the necessary approvals for the Turkish company, in which Goldman held a 16% stake. Prosecutors also claim Berko laundered the bribe money through US financial institutions.

    Berko allegedly helped a client secure a government contract to build and operate an electrical power plant in the Republic of Ghana, in contravention of the US Foreign Corrupt Practises Act of 1977.

    As alleged in the complaint that the SEC made on April 13, 2020, Asante Berko, who according to the Wall Street Journal was an executive of a foreign-based subsidiary of Goldman’s until 2016, arranged for his firm’s client, a Turkish energy company, to funnel at least US$2.5 million to a Ghana-based
    intermediary to pay illicit bribes to Ghanaian government officials in order to gain their approval of an electrical-power-plant project.

    The complaint further alleges that Berko helped the intermediary pay more than $200,000 in bribes to various other government officials
    and that he personally paid more than $60,000 to members of the Ghanaian parliament and other government officials.

    According to the complaint, Berko took deliberate steps to prevent his employer from detecting the bribery. He misled his employer’s compliance personnel about the true purpose of the intermediary company.

    Berko consented to the entry of a final judgement that permanently enjoins him from breaking the FCPA and Section 30A Securities Exchange Act of 1934 and orders him to disgorge $275,000 in ill- gotten gains, plus $54,163.92 in prejudgment interest.

    This matter was resolved by (Mr Berko) agreeing to pay more than $329,000 to regulators without admitting or denying the allegations, court records show.

    According to the SEC, Berko was a vice president in Goldman’s natural-resources group before he resigned in December 2016. After his resignation in 2016, he proceeded to head Ghana’s state- owned Tema Oil Refinery Ltd. but stepped down after the SEC suit was filed.

    In another foreign-bribery case, Goldman paid more than $2.3 billion for its role in the looting of Malaysia’s 1MDB sovereign wealth fund. It was the largest penalty in US history for a violation of the Foreign Corrupt Practices Act.

  • Economist calls for reforms at TOR, BOST over hikes in petroleum prices

    Economist and Political Risk Analyst, Dr. Theo Acheampong is pushing for sweeping reforms at the Tema Oil Refinery (TOR) and the Bulk Oil Transportation and Storage Company (BOST) as the country continues to face challenges in the production, importation and supply of petroleum products.

    “Both TOR and BOST need reforms”, he said on Citi TV‘s The Point of View.

    Contributing to discussions on the unending high cost of fuel, Dr. Acheampong said the inefficiencies at TOR need to be urgently tackled to enable the refinery to revamp its operations.

    While arguing that, Ghana could be cutting down on the huge cost brought on by the importation of refined crude because TOR does not have the full capacity to respond to market demands, he called for an operational restructuring to revive the refinery.

    “There could be some 10 to 20 percent cost savings if we have our domestic refinery meeting between 30 and 50 percent of market demand. That is not insignificant, looking at the amount of money we use in importing these products. What TOR needs is a new ownership module and fundamental restructuring to upgrade a lot of facilities and equipment. It currently has to realize cost efficiency.”

    On BOST, the economist said; “Fundamentally, we need to go back to what BOST was set up for, which is to play an interventionist role in safeguarding the market-making mechanisms. Unfortunately, that is not happening.”

    Currently, the price of fuel has recently increased to approximately GH¢16 per litre with players in the industry warning that a litre of the product could be sold at almost GH¢20 by the end of 2022.

    For instance, the cost of diesel is currently at GH¢15.99 at a top oil marketing company, Total Energies, while the cost of gasoline is GH¢13.10.

    This represents a significant increase over the GH¢11.06 per litre for gasoline and GH¢13.95 for diesel earlier in the month.

    The country’s rapidly rising fuel prices, which began in January at roughly GHS6.5 per litre, have mostly been linked to the increase in the price of the good on international markets.

    Crude oil was selling for about $75 per barrel in January of this year, but it is now selling for roughly $86 per barrel.

    On the other side, the dollar, which cost GH¢6.5 at the beginning of the year, is now worth more than GH¢12.

  • TOR workers lock up refinery entrance to demand allowances

    Workers of the Tema Oil Refinery (TOR) on Wednesday afternoon locked up the main entrance of the Refinery to back their demands of some allowances.

    Information gathered by the Ghana News Agency indicated that the workers locked the entrance after lunch for about one and half hours to prevent access..

    Their concern was that the General Manager was delaying in signing a Memorandum of Understanding (MOU) on some allowances to be paid to them while management was already receiving theirs.

    When the GNA visited the place at about 15:10 hours, calm had returned as the entrance was opened and workers were going about their normal business.

    The GNA learnt the General Manager finally signed the MOU after the action was taken.

    Meanwhile, the Tema District Council of Labour (TDCL) last week, formed a five-member committee to draw a roadmap for engaging government and stakeholders towards the revamping of Tema Oil Refinery (TOR).

    The Committee was tasked to draw a road map in the shortest possible time to enable the Council take up the necessary acceptable actions to drum home their demands for a recapitalization of TOR.

    Source: GNA

  • TOR gets new MD after Berkos resignation

    President Akufo-Addo has nominated Mr. Francis Boateng as the new Managing Director for the Tema Oil Refinery following the resignation of Mr Kweku Asante Berko.

    Mr Asante Berko left the post following allegations of his involvement in a bribery scandal by the Securities and Exchange Commission in the U.S.A.

    Mr. Francis Boateng was until his appointment, the General Manager for Commercial Operations at the Ghana National Gas Company.

    He was previously engaged as a consultant, working in the capacity of Contracts and Fuel Manager during the project implementation phase of a 350MW Combined Cycle Power Plant for Cenpower Generation Company Limited (Cenpower), an Independent Power Producer (IPP) company in Ghana.

    Source: laudbusiness.com

  • IES urges new TOR boss to put interest of Ghanaians first

    The newly appointed Managing Director of the Tema Oil Refinery (TOR), Ing. Herbert Ato Morrison, has been advised to uphold the interest of Ghanaians as he begins his tenure as head of the refinery.

    Commenting on the state of the refinery going forward, the Executive Director of the Institute for Energy Security (IES), Paa Kwesi Anamua Sakyi said the new Acting MD must ensure that TOR only enters into arrangements that will yield the most benefits for Ghanaians.

    “We all understand that Mr. Osei was forced to walk out. So we only pray and hope that he [Ato Morrison] is not elected to come and ensure that the refinery takes far below the tolling fee that has been put in the past to rip off the country. We wish him well, a very good engineer but in terms of management we are yet to see what he brings onboard and how forward-looking it is going to be for the refinery.”

    The appointment of Mr. Ato Morrison follows the resignation of Isaac Osei, who served as the MD of the company for nearly three years.