TOR Archives - Wontumi Online

27 Mar

Ensure TOR Becomes Viable – Opoku Prempeh To New TOR Board

wontumionlineBusinessMathew Opoku Prempeh, TOR

Dr Matthew Opoku Prempeh, the Minister of Energy, on Tuesday inaugurated the newly constituted 11-member board of the Tema Oil Refinery (TOR) Company Limited in Accra and urged them to rise to the occasion. The board includes Leon Kendon Appenteng as the chair, Kofi Mocumbi Tagoe as the Managing Director, and other members such as Dr Antoinette Tsiboe-Darko, Edith Sapare Grant, Nana Akua Bakoma Prempeh, Loraine Crabbe Ababio, Alfred Thompson, Joseph Mensah Browne, Kwame Baffoe, and Herbert Ato Morrisson. Dr Prempeh highlighted that despite several interventions in the past, the company remains in distress, a situation that cannot persist. He…

14 Aug

Managing Director Of TOR Resigns

wontumionlineBusinessTOR

The Managing Director of the Tema Oil Refinery (TOR), Jerry Kofi Hinson has resigned on health grounds, according to a letter sent to President Nana Akufo-Addo. Mr Hinson in his letter dated August 11, 2023, stated that he is unable to continue his role as the MD due to unforeseen health circumstances. “It has been a privilege, honour and pleasure to serve as the Managing Director for Tema Oil Refinery (TOR) for the past 18 months. Working in partnership with the Board of Directors and Management, we have undertaken the daunting task of identifying a suitable entity to partner with…

14 Jul

Why TOR Urgently Needs A Strategic Partner – Report

wontumionlineBusinessTema Oil Refinery, TOR

Tema Oil Refinery (TOR) says it has put in place machinery to adopt Torentco Asset Management (TAM) as a strategic partner. Management of TOR believes they are now in a better place with all of its outstanding issues including debt owed the Electricity Company of Ghana (ECG) paid. Earlier, the board and management of TOR had defended the contract with Torentco by explaining that although they had wished to deal directly with a major multinational company, TOR’s accrued debts made the refinery unattractive to many, hence the decision to settle on Torentco. In a three-page document to the press, management…

20 Apr

$2.5 Million Worth Of Fuel Condensates For TOR Gone Missing – NAPO

wontumionlineBusiness, NewsDr Matthew Opoku Prempeh, fuel, Minister for Energy, TOR

The Minister for Energy, Dr Matthew Opoku Prempeh has revealed that crude condensation of about $2.5m allocated to the Tema Oil Refinery is reportedly missing. The minister, widely known as NAPO, speaking to the media on April 20, 2023 said that the fund was part of a business opportunity for the refinery to produce premix fuel from condensates from Ghana Gas. “I gave TOR a new business opportunity in the premix fuel market that all the condensate from Ghana Gas should be used for making premix fuel. The last time I heard, over $2.5 million dollars worth of condensate had gone missing…

16 Nov

TOR Yet To Process Crude; 8months After New MD, Board Appointment

wontumionlineBusinessTema Oil Refinery, TOR

The Tema Oil Refinery (TOR) is yet to resume processing crude oil, eight months after a new Managing Director and Board were appointed. Jerry K. Hinson, its current Managing Director and board of directors were appointed on March 2, 2022, but eight months on, the Institute for Energy Policies and Research (INSTEPR), an energy think-tank, says the situation is becoming worrying as the refinery is yet to resume operations or even chart a pathway to restart operations. “The question on the minds of most Ghanaians is, why is Tema Oil Refinery not working? In recent months there have been over 150…

10 Nov

Former TOR Boss And Ex-Goldman Banker Asante Berko Arrested Over Alleged Ghana Bribery Scheme

wontumionlineNewsAsante Berko, Tema Oil Refinery, TOR

Former Goldman Sachs Group Inc. banker Asante Berko was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank. A six-count August 2020 indictment unsealed last week in federal court in Brooklyn, New York, accuses Berko of conspiring with at least two Ghanaian officials and four others in a bribery scheme that benefited Goldman, himself and a Turkish energy company that sought to build a power plant in Ghana. The unsealing was timed with Berko’s arrest last week at London’s Heathrow Airport, a person familiar with the matter said. The unsealing was timed with…

03 Nov

Bring Back TOR To Refine And Sell Fuel At Cheaper Prices – IES To Akufo-Addo Again

wontumionlineBusinessIES, TOR

The Institute for Energy Security (IES) is appealing once again to President Akufo-Addo to bring back Tema Oil Refinery in the shortest possible time to refine and sell petroleum products at cheaper prices. In a statement, it expressed worry that an oil producing country with a refinery capacity of 45,000 barrels per stream day would have it top government officials abandon its domestic competitive advantage, and rather seek to import refined petroleum product elsewhere, in the name of reliability and affordability. This is coming after President Akufo-Addo announced that the government will be looking for reliable and regular sources of…