Torentco Asset Management Limited (TAML), the company which was formed early this year by persons connected to the government to take over the operations of the Tema Oil Refinery, which sparked discussions in the Ghanaian media, has rebranded into a new entity.
The new name of Torentco is Tema Energy and Processing Limited (TEPL).
It is not clear why Torentco Asset Management Limited has changed its name, but this portal wants to believe the intention is to conceal the original identity from Ghanaians.
A letter from the Ministry of Energy, addressed to the Acting Managing Director of Tema Oil Refinery (TOR) and intercepted by energynewsafrica.com said the Ministry has noticed a change in the counterparty from ‘Torentco Asset Management Limited (TAML)’ to Tema Energy and Processing Limited (TEPL)’ as the new lessee for the proposed transaction.
“We wish to indicate a ‘No Objection’ to the change in the counterparty to TEPL for the agreement based on the rationale that this diversifies the investor base and includes the TOR Workers Charity Trust in the new Special Purpose Vehicle (SPV) for improved transaction transparency.
“We also wish to advise that TOR’s laboratory, the Residual Fluid Catalytic Cracking (RFCC) and its supporting process unit, utility equipment and other ancillaries deemed vital to the RFCC operations should be added to the Leased assets, and relevant obligations placed on the TEPL to restore and make them fit for purpose during the lease term,” portions of the letter said.
What is surprising is that under the new Special Purpose Vehicle, the original owner of Toronto Asset Management Limited will hold a 40 per cent share while a businessman in Accra will also own a 40 per cent share, with Tema Oil Refinery Unions taking the remaining 20 per cent share.
It is not clear why TOR workers have been brought on board in the new arrangement.
Some of the staff of TOR, who spoke on condition of anonymity, said they are not aware of the TOR Workers’ Charity Fund existing in the company.
National Chairman of General Transport Petroleum and Chemical Workers Union, Brother Bernard Owusu expressed shock about the new arrangement.
He wondered why the Ministry mentioned the TOR Workers’ Charity Fund when there is nothing of the sort in the organisation.
It would be recalled that the Tema Oil Refinery planned to enter into a lease agreement with Torentco Asset Management Limited.
Under the lease agreement, Torentco Asset Management Group was to pay US$22 million to Tema Oil Refinery for six years.
The company was expected to refine up to eight million barrels annually.
The deal faced opposition from energy think tanks due to lack of transparency and the fact that the company had no track record in the oil and gas business.
Source: https://energynewsafrica.com