Tema Oil Refinery Board addresses concerns raised by Attorney General on Torentco lease
The Board of the Tema Oil Refinery (TOR) has responded to the concerns raised by the Attorney General and Minister of Justice, Godfred Dame, regarding Torentco Asset Management Limited (TAML) as a lessee of TOR. The Board anticipates that these issues will be validated as part of the final due diligence and the fulfillment of conditions precedent to the transaction.
Mr. Dame recently expressed reservations about vouching for the credibility of TAML as a lessee for TOR, following the submission of a Due Diligence Report (DDR) by the General Transport, Petroleum, and Chemical Workers Union (GTPCWU) of the Trades Union Congress (TUC) of Ghana.
In a statement issued on November 24, Mr. Dame highlighted that, according to the DDR, TAML lacks the financial and technical capacity for the proposed transaction and has no established affiliation with Vitol or any other entity possessing the necessary resources.
Addressing these concerns, the TOR Board affirmed its understanding of the issues raised in the Attorney General’s letter. However, it emphasized that these matters are expected to be conclusively addressed during the final due diligence process and the fulfillment of various conditions precedent to the transaction.
The Board reiterated its commitment to upholding the highest standards of integrity, ethics, and governance in the discharge of its duties. Furthermore, it expressed a dedication to fostering a thriving work environment and boosting staff morale within TOR.
As the due diligence process unfolds, the TOR Board aims to navigate the challenges and concerns, ensuring that the transaction aligns with ethical standards and meets the necessary conditions for the benefit of all stakeholders.
Read details of statement by TOR below:
