NDC is planning to sell TOR to some family and friends – MP

The Member of Parliament for Manhyia South, Matthew Opoku Prempeh has alleged that the governing National Democratic Congress(NDC) is planning to sell the Tema Oil Refinery(TOR) to some family and friends.

“Government is not telling Ghanaians the truth. The truth is that they have planned to sell TOR in about 18 months. NDC wants to run TOR down and sell it to friends and family,” the MP said.

The refinery has not been operating at full capacity over the years following its huge indebtedness and other operational inefficiencies.Workers at the refinery in recent times have also been demanding that the government should allow TOR refine crude from Ghana’s jubilee oil fields because the refinery is capable.

But a vote of no confidence was passed on this demand as the Ghana National Petroleum Corporation (GNPC) indicated that TOR in its current state is not profitable.

The Minister in September, 2014 said business plan discussions are earnestly ongoing while the commercial framework for the restructuring of the refinery is being finalized to ensure that TOR is

He revealed that a meeting involving all stakeholders including the Attorney General and the Ministry of Finance would to take place to discuss the shareholder agreement and government support on consent agreement and other off-take agreements.

However the MP, who was speaking after a debate on the revival of the redundant refinery on the floor of Parliament on Wednesday said there was no need for negotiations to be held on TOR since it had deteriorated over the years.

“TOR should have a value and if you allowed TOR to deteriorate over the years, the value comes to virtually nothing so when you are going to partner in a joint venture what value of TOR are you going to give for that partner to bring an appropriate sum of money.”

He said if Ghanaians are still suffering despite a reduction in fuel prices it is because TOR has been left to rot.

By: Marian Efe Ansah

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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