Tema Oil Refinery Board Chairman Resigns Amid Controversy

-

Tema Oil Refinery (TOR) Board Chairman David Adomako has submitted his resignation from the board, citing recent refinery events as the catalyst for his decision.

Allegations of opaqueness in transactions pertaining to a partnership arrangement between TOR and Tema Energy and Processing Limited (formerly Torentco Asset Management Limited) are the background to Mr. Adomako's resignation. The General Transport Petroleum and Chemical Workers Union (GTPCWU) and other TOR employees have accused management and the Board of being opaque in their handling of this partnership agreement.


Reasoning Behind Resignation
Mr. Adomako wrote to the president expressing a lack of capacity to appropriately address the difficulties the company was facing. He underscored the complex task of resolving TOR’s issues and underscored the critical need for renewed dedication and consensus among various stakeholders for a viable solution.


Emphasis on Partnership for Resuscitation

Adomako highlighted the Board's view that partnering TOR with Torentco would be a pivotal move towards reviving the company. This strategic collaboration is perceived not only as a means to rejuvenate TOR but also to bolster its financial standing for long-term sustainability.

Related To This: We Won't Quit Oil Exploitation - Energy Minister

Challenges of Financial Support and Strategic Direction

Acknowledging the dearth of government financial backing for TOR's rehabilitation and the difficulty in attracting substantial private sector investments, Adomako stressed the importance of seeking a strategic partner to navigate the refinery's rejuvenation. He emphasized the urgency of exploring diverse strategic options while concurrently pursuing avenues to engage potential investors in TOR’s revitalization efforts.

Concerns and Future Outlook

Adomako expressed concerns over the funding shortfall from the government, underscoring the necessity of finding a suitable strategic partner as a viable route forward for TOR. He conveyed his best wishes to TOR's workforce and underscored the pivotal role of aligning stakeholder interests in charting a sustainable path forward for the refinery in the foreseeable future.

Labor Disputes Addressed by National Labour Commission

In parallel developments, the National Labour Commission has intervened in response to complaints from the Workers’ Union regarding the interdiction of two executives at TOR, signaling ongoing efforts to address grievances and foster amicable resolutions within the organization.

Comments

Post a Comment

Popular posts from this blog

Taxes Now Serve as Punishment to Businesses - Mark Badu-Aboagye

-
Image
The Ghana Chamber of Commerce and Industry's CEO, Mark Badu-Aboagye, has expressed grave concerns about the growing burden of direct and indirect taxes placed on the country's enterprises.  During an open discussion on JoyNews' PM Express, Mr. Badu-Aboagye brought attention to the mounting difficulties that businesses are facing in light of rising expenses and financial commitments, especially with regard to tax responsibilities. Related To This: Akufo-Addo's Imposed Tax Policies Will Make The Next President Suffer - Franklin Cudjoe Mr. Badu-Aboagye expressed his dismay and emphasized the unsettling consequences of the existing tax structure, describing it as harsh and onerous for companies aiming for expansion and sustainability.  He underlined, saying, "I believe that rather than helping businesses, our taxes now serve as a punishment to them. This is because they expect you to pay, but we are unable to. They are beating us but they are telling us to keep quiet.&
Read more

GJA Calls For Media Blacklist on Yendi MP for Allegedly Assaulting Journalist

-
Image
In response to allegations of assault against Mohammed Aminu M. Alabira, the Northern Regional Correspondent for Citi TV, the Ghana Journalists Association (GJA) has called for a national media boycott of Farouk Aliu Mahama, the Member of Parliament for Yendi. Important industry actors have endorsed the GJA's directive: the Media Foundation for West Africa (MFWA), the Private Newspaper Publishers Association of Ghana (PRINPAG), and the Ghana Independent Broadcasters Association (GIBA). Related To This: Hawa Koomson Threatens to Sue GJA President Over Assault Allegations The coalition asked all media outlets to uphold Farouk Aliu Mahama's blacklisting till further notice during a joint press conference on Tuesday, February 6. The media professionals were put at serious risk due to the MP's purported connections to those who could potentially pose a threat to journalists. The groups emphasized, "All media houses must refrain from providing any coverage, interviews, or a
Read more

Use Emission Tax Funds to Support EPA - Professor Kofi Amegah

-
Image
The University of Cape Coast's renowned environmental and nutritional epidemiology lecturer, Professor Kofi Amegah, has suggested that money from emission levies be used to support environmental protection organizations.  During his February 1 appearance on The Pulse on JoyNews, Professor Amegah emphasized how vital it is to improve the Environmental Protection Agency's (EPA) capacity to efficiently track pollution levels and strengthen environmental conservation measures. Related To This: Implementation of Emissions Levy Act Commences Today Professor Amegah emphasized the need to reallocate a portion of the proceeds from the emission tax in order to relieve the EPA's budgetary constraints, given its limited resources. He highlighted that such support would enable the acquisition of reference-based monitors, which, when installed in urban areas, can furnish essential data vital for formulating effective air pollution control policies. Additionally, the resulting data would
Read more