The Office of the Attorney General and Ministry of Justice has stated its inability to affirm the credibility of Torrentco Asset Management Limited (TAML) as a suitable partner for the revival of Tema Oil Refinery (TOR).

This follows Torrentco's agreement with the TOR board to engage in a partnership that involves leasing a portion of TOR to Torrenco.

In a letter addressed to the General Transport, Petroleum, and Chemical Workers Union of the Ghana Trades Union Congress, the Ministry expressed that the Due Diligence Report (DDR) has indicated that Torrentco lacks the financial and technical capacity required for the proposed transaction.

“Based on the DDR submitted to our Office, our enquiries and the above observations our Office is not in the position to vouch for the credibility of TAML as a lessee in the Proposed Lease Transaction with TOR”.

“From the DDR, TAML has no financial and technical capacity to undertake the proposed transaction”, it pointed out.

The Attorney General's Office further disclosed that TAML has no established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the proposed lease transaction.

According to the Office, without the needed support "TAML lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction”.

It concluded that “TAML lacks the requisite licenses and documentations to undertake the proposed lease transaction, proceeding with the project will therefore be contrary to the law”.

Attorney-General-Letter-TOR-15-Nov-2023Download