TOR board criticizes Petroleum Workers Union for their opposition to Torentco deal
The board of the Tema Oil Refinery (TOR) has criticized the General Transport, Petroleum, and Chemical Workers Union (GTPCWU) of the Trades Union Congress (TUC) Ghana for opposing its deal with Torentco Asset Management Limited.
On November 20, the GTPCWU petitioned the Special Prosecutor to investigate the lease agreement between TOR and the Torentco deal.
In their petition, the Workers Union requested the Special Prosecutor to investigate the ongoing lease arrangement, expressing concerns that the actions of the individuals behind Tema Energy and Processing Limited might misrepresent workers and induce them with 20% of its shares through a nonexistent entity named “TOR Workers Charity Trust.”
They also voiced fears that the TOR Board of Directors might compromise the deal, potentially shortchanging the country. Despite alternative proposals from entities like Falcon American Oil and Legacy Capital, the Board remained committed to leasing TOR to Torentco/TEPL for six years.
In response, the TOR Board issued a statement on November 26, 2023, describing the concerns raised by the GTPCWU as baseless and insulting. The Board expressed disappointment in the union leaders’ actions, stating that they had not engaged with management or the Board to verify the facts before making conclusions.
The Board highlighted that the majority of workers at the refinery were optimistic about the proposed transaction, contrary to the union leaders’ assertions. The Board deemed the union’s allegations as without merit and announced an internal process to understand and address the situation.
