The Senior Staff Union of Tema Oil Refinery (TOR) has pledged support for the ongoing negotiations by the board and management of the state-owned firm to engage Torentco Asset Management (TAM) as a strategic partner.
“We consider the yet-to-be finalised arrangements with the selected partner, TORENTCO Asset Managements, the only viable option available to bring back the refinery into operation, since successive governments are hesitant to inject capital into the operations of the refinery,” the Union said in a statement on Tuesday, June 20.
Signed by Chairman Bright Adongo, the statement described as “refreshing” the terms of the agreement.
“It is also important to clarify that per the terms of the arrangements, TOR is allowed to terminate the deal any time and refund the cost of investment to TORENTCO, if it finds a better alternative during the tenure of the agreement.”
The statement comes after some experts raised concerns about the lease, accusing the government of hiding behind it to rip off the refinery while burdening the state with its liability.
Vice President of IMANI Africa Kofi Bentil, for instance, said the level of opacity of the deal is worrying.
But the senior staff claim the “architects” of the ongoing opposition to the deal are either ignorant about the real situation or “being sponsored by adversaries of the refinery to keep the refinery in its current near helpless state for their wicked and selfish interest”.
The situation at TOR has become a worry to well-meaning Ghanaians.
Salaries of workers have not been increased for the past five years while its debt is over $500 million.
The staff blame the situation on political interference, mismanagement and lack of the requisite investment in the state-owned company, a situation which the lease will solve, according to them.