Home / BUSINESS / Tema Oil Refinery top trends as citizens fume over ‘shady’ sale

Tema Oil Refinery top trends as citizens fume over ‘shady’ sale

The Tema Oil Refinery has been reported to be leased to a group called Torentco Asset Management (TAM) for 6 years at $22 million.

The group is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as rent.

However, social media users have expressed their displeasure with the details of the deal.

According to them, the Tema Oil Refinery is worth about $700 million but is being leased at $22 million which is a bad deal.

Some have noted that the government is quietly going through the deal in order to sneak in revenue for the incoming political season.

The Vice President of IMANI Africa, Bright Simons wrote on Twitter on June 16, 2023: “Ghana’s PPA is trying to pass the buck of tackling the govt’s shady lease of state-owned Tema Oil Refinery to Torentco (TAM). Here is a crude summary of the deal. Many murky issues!” $22m is all one needs to take over TOR’s assets & exploit them? Has TOR been deliberately sabotaged?” he asked.

The Executive Director of ACEP, Ben Boakye also wrote: “3 weeks ago CSOs were pumped about an illicit sale of GNPC’s assets to PetroSA. It turns out that PetroSA was being bankrolled by a local company for the acquisition. Btw, nothing would happen since the alarm & calls 4 accountability. We’ve moved on to a new scandal, TOR. #IMF”

Find the full details of the deal as presented by Bright Simons below:

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