The Board of the Tema Oil Refinery (TOR) has promised to provide the Office of the Special Prosecutor (OSP) with all the necessary documentation for its investigations into the refinery’s intended deal with Torentco Asset Management Limited (TAML).
In a bid to turn TOR from a debt-ridden company to a profitable path, a special-purpose vehicle with the name Torentco Asset Management Limited was set up to champion the lease agreement.
Torentco Asset Management also created a special-purpose vehicle named Tema Energy and Processing Limited (TEPL) to ensure that this vision is achieved.
However, several policy think tanks, including IMANI Africa, have raised red flags over the deal.
The Board of the Tema Oil Refinery (TOR) has promised to provide the Office of the Special Prosecutor (OSP) with all the necessary documentation for its investigations into the refinery’s intended deal with Torentco Asset Management Limited (TAML).
In a bid to turn TOR from a debt-ridden company to a profitable path, a special-purpose vehicle with the name Torentco Asset Management Limited was set up to champion the lease agreement.
Torentco Asset Management also created a special-purpose vehicle named Tema Energy and Processing Limited (TEPL) to ensure that this vision is achieved.
However, several policy think tanks, including IMANI Africa, have raised red flags over the deal.
partnership.”
“You are directed to immediately suspend the proposed partnership agreement, ongoing negotiations, operations and all other ancillary activities arising out of and consequent upon the proposed partnership agreement until you are otherwise advised by the Special Prosecutor.”
As such, the Board of TOR in a statement issued on Sunday said “The Board and management of TOR will avail to the OSP any and all documentation required, and we are certain that a better understanding of the issues and processes will allow for this important project to have a chance of being implemented.”
“The alternative would require that TOR continues its ongoing search for viable options in a very difficult market.”
Source: citinewsroom.com