TOR MD Resigns

The Managing Director of Tema Oil Refinery (TOR), Jerry Kofi Hinson has tendered in his resignation to President Nana Addo Dankwa Akufo-Addo after 18 months in the role.

According to him, the decision was triggered by health concerns.

“Regrettably, I am unable to continue in my role as the Managing Director due to unforeseen health circumstances. This letter, therefore, serves as my notice of resignation from the Managing Director position effective from an agreed handover/transition period with the Board of Directors,” a copy of the letter dated August 11 said.

He further noted that it has been an honour and a privilege working in partnership with the Board of Directors of the Refinery in finding a partner to revamp it.

Currently, he said a potential partner has been found and is undergoing the approval stages.

Although a new Board of Directors for the company was set up in March 2022, the refinery has been inactive ever since with its focus on finding a partner to “revamp its operations in a suitable and profitable way”.

In July, the Minority in Parliament accused the Management of the refinery of engaging in a “shady” deal with Torrentco Assets Management.

“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,” ranking member of the Mines and Energy Committee, Hon. John Abu Jinapor said.

He added, “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 emphasized.”