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MD of Tema Oil Refinery Sacked Over Torentco Deal

The Managing Director of Tema Oil Refinery (TOR), Mr Jerry Kofi Hinson, has been sacked by the presidency, according to confirmed reports by energy and resources news portal,

With news of the dismissal out, the report suggests that all is not well at the refinery as some staff are not pleased with the decision of the presidency. Mr. Hinson was spotted at work on Friday, a day off for him, packing out.

Mr Daniel Appiah, the immediate past Finance Director, has been appointed as acting Managing Director. He is expected to assume the post on Monday, August 14.

Mr. Appiah went on retirement about two months ago after working in the refinery for several years.

The Tema Oil Refinery has recently gained so much media attention due to a contentious attempt to lease the refinery’s operations to a newly established private firm, Torentco Assets Management. The company, registered just six months ago, lacks any previous experience in the oil and gas sector.

The proposed arrangement involves granting Torentco Asset Management control over TOR’s primary production assets and core refining activities for a span of six years. This lease agreement would empower Torentco to process up to 8 million barrels of oil annually, in exchange for an annual rental fee of $1 million.

Criticism from energy sector think tanks has cast a shadow over the deal, as they assert that the terms of the proposed agreement are not in the best interest of Ghana.

Despite these reservations expressed by think tanks and various social commentators, it is apparent that influential figures within the government remain steadfast in their support for the deal’s approval.

Reliable sources, as reported by Energy News Africa, have indicated that Mr. Jerry Kofi Hinson has adamantly refused to sign the deal until all legal prerequisites have been met. Despite facing pressure, Mr. Hinson remained resolute in his commitment to ensuring due process.

However, his stance seemed to clash with individuals connected to the President, who had advocated for his appointment and subsequently advocated for his removal.

Meanwhile, sources within the refinery indicate that staff of the refinery are unhappy with the appointment of Mr. Daniel Appiah as acting Managing Director.





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