June 24, 2022

Ministry Of Energy: NAPO Has Shown Clear Leadership, Vision Toward TOR

The Ministry of Energy has stated that its Minister, Matthew Opoku Prempeh, popularly known as NAPO has demonstrated leadership, focus and vision toward revamping the Tema Oil Refinery (TOR).

The Ministry was reacting to the Institute of Energy Security (IES)’s petition to President Akufo-Addo to rescue TOR from “coma (and) requiring his urgent intervention to save the State facility which is saddled with GHc400 million debt, from total collapse”.

The IES pointed out poor management as the cause of the state of TOR.

But in a counter-press statement, the Ministry chronicled the list of activities that have taken place with regard to the refinery.

“On 11th March 2021, four days after assuming office as Energy Minister, Dr Prempeh undertook a working visit of TOR to familiarise himself with the situation on the ground.

“On June 15, 2021, Dr Prempeh swore in a three-Interim-Member committee (IMC) whose terms of reference were to ensure the smooth transfer from the previous Directors, undertake technical and human resource audits as well as receive and assess viable partnership for TOR.

“… In February and March 2022, a new Managing Director and Board took office respectively, with a clear mandate to work towards securing a strategic partner for revamping the refinery.

“The Hon. Minister subsequently wrote to request an evaluation of all the processes involving interested parties and submit same for the attention of an inter-ministerial committee including the Ministry of Energy, Minister of Finance, Ministry of Public Enterprise, State Interests and Governance Authority (SIGA) and TOR. This was to enable the committee to make necessary recommendations to the President.

“On 20th May 2022, Government granted approval to TOR to begin negotiations with a strategic partner.

“Subsequent to this, on 10th June 2022, the Hon. Minister wrote to the Managing Director of TOR to provide guidelines and advice as the refinery prepares, together with its prospective transactional advisor, to enter into negotiations with a strategic partner. Among others, he directed further that TOR’s indebtedness and workers’ pension funds must be included in the negotiations with the strategic partner”, it recounted.

The Ministry of Energy on that note charged IES to be circumspect with its public pronouncements on issues in the energy sector and seek facts before going to the public.

Source: opemsuo.com/Hajara Fuseini

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