Halt Torentco deal now – Minority to government

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The Minority Caucus in Parliament has cautioned the government to halt Torentco Assets Management deal immediately or they will use every legal means including parliamentary process to halt the deal.

Speaking to the press the Ranking Member of Mines and Energy Committee Hon, John Abu Jinapor accused the government for attempting to lease the Tema Oil Refinery (TOR) for a six (6) year period to Torentco Assets Management Company which has no track record in Oil sector.

Hon, Jinapor stated “Our check has indicated that this company has no track record when it comes to Oil sector and it’s balance sheet suggest that it cannot provide the needed support to the Tema Oil Refinery.TOR is a strategic asset of the state refinery which is capable of refining over 45 thousand barrels of oil a day and if is well positioned, it will benefit the state in terms of foreign exchange.”

The ranking member also emphasised that ” if you read the details of the contract they are suppose to refine just about 8million barrels, that is woefully inadequate and we believe that contract is inimical and will not benefit the ordinary Ghanaian and also the contract does not have any value for money.”

The Minority has therefore called on the government to put a halt to the agreement and engage the necessary stakeholders to find a long-lasting solution to resolve TOR issues.

Source: Ghanatodayonline.com/Nana Kwaku Boffah

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