Minority Urges Gov’t To Halt TOR Torentco Lease Agreement

The Minority National Democratic Congress (NDC) in Ghana’s Parliament is urging government to as a matter of urgency suspend plans to lease the Tema Oil Refinery (TOR) to a private firm, Torentco Asset Management Group for further stakeholder engagement.

Government has announced the lease of TOR to Torentco Asset Management Group for $22 million for 6 years and is expected to refine up to 8 million barrels of fuel annually.

According to the agreement, Torentco will pay $1 million annually as rent plus an additional rent amount of over $1 million per month.

Addressing the media, the Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor said the deal in its current form would not inure to the benefit of Ghanaians.

“We believe that that contract is inimical, that contract will not inure to the benefit of Ghanaians. That contract will not benefit the ordinary Ghanaian and that contract does not meet value for money.”

“We are therefore calling on the Akufo-Addo and Bawumia-led government to put a halt to this lease agreement, engage further with stakeholders, and ensure that we find a long-lasting solution to the problems confronting TOR,” he stated.

The Yapei Kusawgu MP said the firefighting approaches will not help the refinery as the refinery had seen five different managements under the government.

“It thus appears that they are playing with the refinery. It thus appears that there is no seriousness being shown when it comes to the revitalisation of the refinery,” he added