Halt Torrentco Deal Now: Minority Cautions Government

The minority group in parliament has cautioned the government to halt the Torrentco Assets Management deal immediately, or they will use every legal means, including the parliamentary process, to halt the deal.

Speaking to the press, the ranking member of the Mines and Energy Committee, Hon. John Abu Jinapor, accused the government of attempting to lease the Tema Oil Refinery (TOR) for a six (6)-year period to Torrentco Assets Management, a company that has no track record in the oil sector.

Hon. Jinapor stated, “Our checks have indicated that this company has no track record when it comes to the oil sector, and its balance sheet does not suggest that it can provide the needed support to the Tema Oil Refinery. The Tema Oil Refinery is a strategic asset, being the only state refinery capable of refining over 45 thousand barrels of oil a day, and if well positioned, it is a huge benefit to the state in terms of foreign exchange.”

“If you read the details of the contract, they are supposed to refine just about 8 million barrels, which is woefully inadequate. We believe that the contract is inimical and will not benefit ordinary Ghanaians, and it does not represent value for money,” he emphasised.

The minority, therefore, called on the government to put a halt to this agreement and engage the necessary stakeholders to find a lasting solution to resolve the TOR issues.

Story by Nana Kwaku Boffah.