TOR Interim Management Committee Sworn In To Revamp Company

The Minister for Energy, Dr Matthew Opoku Prempeh, has sworn in a three-member Interim Management Committee to steer the affairs of the Tema Oil Refinery (TOR).

The constitution of the committee formed part of the refinery’s restructuring process following the sack of two management members.

TOR MD Francis Boateng and his deputy, Ato Morrison, were shown the exit.

The duo, who had been at the helm of the distressed state-owned refinery since May 2020, was reportedly served with their dismissal letters last Friday, June 11, 2021, by the Energy Minister.

Their sack came in barely a month after reports suggested that the Ghana Water Company Limited (GWCL) had cut water supply to the refinery over a GH₵6 million debt.

The Chairman of the three-member IMC is Nobert Cormla-Djamposu Anku, with William Ntim Boadu and Okyere Baffuor Sarpong as the other members.

The committee is to ensure the smooth transfer from the outgone directors, undertake technical and human resource audits and, also receive and assess viable partnerships for TOR.

Meanwhile, the committee is to submit its report, including findings and recommendations, to the Energy Minister within three months.

Speaking after the ceremony, the Minister indicated that, the refinery and its associated crippling debts, infrastructural issues and equipment would all be addressed.

He underscored that since the Fourth Republic, every President has thought about value addition to our natural resources, and TOR would be revamped to serve such a purpose in the oil sector.

Dr Opoku Prempeh urged the staff of the refinery to put all past issues aside, cooperate with the IMC and work hard to ensure the success of the TOR.

Adding to this, the Public Relations Officer (PRO) of the Energy Ministry, Kwasi Obeng-Fosu, said the Minister has hinted at finding the right partners, managerial infrastructure and equipment to enable TOR to work as a strategic stakeholder in the oil and gas sector.

He also urged the IMC members to perform their responsibilities diligently and bring their experiences together in ensuring the success of the Refinery.

READ ALSO: Tema Oil Refinery Boss And Deputy Fired

Over the years, players in the energy sector have raised concerns about the dwindling prospects of the country’s sole oil refinery and asked successive governments to pay attention to the long-term viability of the company.

According to the Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII, the running of the refinery in the past five years has been nothing to write home about.

He also bemoaned the non-profitability of the refinery and charged the government to resolve all bottlenecks to ensure its operational efficiency.

“Government, therefore, may have to concern itself with increasing the refining capacity, increasing the utilization capacity, and reviewing the plant configuration,” he noted.

“The bit about funding the refinery to undertake the numerous works outstanding, [the] government’s best bet is foregoing part of its stake in the business to private hands. This is to reduce its level of interference and most importantly to provide the needed cash-flow for the projects and operations of TOR,” Nana Amoasi VII added.