Tema Oil Refinery: $2.5m worth of crude condensate unaccounted-for
The Tema Oil Refinery (TOR) in Ghana has found itself in a difficult situation as $2.5 million worth of crude condensate has gone missing, according to the country’s Minister of Energy, Dr. Matthew Opoku Prempeh. The Minister disclosed that his outfit secured a deal for the company in the premix sector, which has resulted in the loss of $2.5 million that has been left unaccounted for. This disclosure comes at a time when workers of the Refinery are demanding the dismissal of their Managing Director, Jerry K. Hinson, over allegations made against him.
It is disconcerting that the refinery has over $500 million worth of debt sitting on its books, and the missing $2.5 million in crude condensate is another burden that the company could do without. The Minister further explained that the refinery has been the subject of proposals from various entities aimed at reviving it. However, despite these efforts, the refinery is still grappling with numerous challenges.
The refinery’s financial troubles are not new, and the situation has been compounded by the global COVID-19 pandemic, which has led to a decline in demand for petroleum products. The challenges faced by TOR have resulted in a situation where the refinery is struggling to meet its financial obligations. The situation has prompted the workers of the refinery to call for the dismissal of the Managing Director, Jerry K. Hinson, over allegations made against him.
The General Transport Petroleum Chemical Workers Union (GTPCWU) has announced its intention to embark on a series of actions in support of its call for the revamping of TOR. The union has planned to picket at the Jubilee House, the Ministry of Energy, and other strategic locations after meetings with management and government officials yielded no result. However, the Managing Director of the Tema Oil Refinery, Jerry K. Hinson, described attempts by some workers of the company to embark on industrial action as unlawful.
In a letter to the workers, Mr Hinson warned that any worker who participates in the illegal strike action or picketing will be dealt with according to the laws. The TOR MD reminded workers that various procedures to address their challenges and grievances have not been exhausted, hence any attempt to embark on industrial action is unlawful and a breach of the Labour Act.
Despite the Minister of Energy’s assurance that the government is doing all it can to revive the company, the situation at the refinery is dire. The refinery’s financial situation is precarious, and the workers’ call for the dismissal of the Managing Director is an indication of the unrest at the refinery. The refinery’s debts are a significant burden that the company needs to deal with urgently, and the missing $2.5 million in crude condensate is an additional challenge that the company could do without.
In conclusion, the situation at the Tema Oil Refinery is a cause for concern, and urgent steps need to be taken to address the challenges faced by the refinery. The refinery’s financial troubles have been compounded by the COVID-19 pandemic, and the refinery is struggling to meet its financial obligations. The workers’ call for the dismissal of the Managing Director is an indication of the unrest at the refinery, and urgent steps need to be taken to address the situation. The government’s efforts to revive the company are commendable, but more needs to be done to ensure that the Tema Oil Refinery becomes a profitable and sustainable entity.
