TEMA OIL REFINERY (TOR) LTD IS ON THE VERGE OF COLLAPING
5/1/2012 8:44:19 PM -
TOR's two (2) plants CDU & RFCC have been shut down for about one (1) month plus due to unavailability of crude oil.
1a) TOR's inability to secure LETTERS OF CREDITS.
1b) TOR has never had a working capital since NDC came to power under the pretence of TOR debt.
2) As we speak some Managers and manager trainees, some experienced engineers and technicians and some departments such as Movement of Product (MOP), Maintenance Workshop Department (MWD), UTILITIES (Power House) have left are for some Middle East countries Refineries ,which the M.D and the Board do not care about eg. Abudabi, Dubai.
3) Government has not fulfilled all the promises it made to TOR. On the 8Th of April, 2011 the TOR union executives led by the secretary-general of TUC -Mr. Kofi Asamoah, the general-secretary of UNICOF - Mr. Kofi Davor, the general-secretary of GTP & CWU-Mr. E.A. Mensah and chairman of TDCL - Mr. Wilson Agana met a cabinet team led by the Vice President Mr. John Mahama at the castle Osu.
The TOR Union made it's case as follows:
That (a) TOR, VRA and ECG were all under the Ministry of Energy but the Ministry/Government releases money to VRA and ECG to sustain their operations why not TOR?
(b) Also, that the Assay Data TOR has showed clearly that TOR can easily process Jubilee Crude so why does the Minister not allow TOR to be given some parcels of crude to refine?
At the inauguration of Jubilee crude on the 15Th of December, 2010, the minister lied big time, by saying that the crude oil discovered is not suitable for TOR's Plants.FALSE.
© That all the infrastructural developments at TOR including LPG Tanks, RFCC, Utilities etc. were all built through TOR's own internally generally generated funds (IGF) without any subvention.
(d) That TOR needs a working Capital of $200million for easy operations and procurement of crude.
(a) The Vice President agreed that since VRA and ECG get similar assistance it must be extended to TOR. So government agreed to give TOR a retooling amount of $56million for improving the plants efficiency and performance.
(b) The finance Minister Dr. Duffuor who was also present said that TOR recovery levy had accumulated to the tune of 270 million GH cedis as at August, 2011 so he will use it as collateral to give TOR as a working capital of $200million.
1) As we speak nothing has been done. TOR keeps deteriorating where even some staff work with bare hands because there are not common gloves.
2) Spare parts ordered and had arrived at the Airport/Harbour since 2009 and 2010 have not been cleared and have been left at the mercy of the weather.
3) Staff contributions to credit union, provident fund and SSNIT and that of company are all in arrears.
4) TOR consumer co-operative has collapsed since 2009, due to the debt company has incurred.
5) The Board keeps meeting regularly and collecting allowances in cash and fuel their vehicles -so what have they done to TOR. Meanwhile their meetings do not yield any fruitful results.
Last year, they received 5,000 GH cedis each as members and the chairman took 5,500 GH cedis, while the staffs were given 50% of our salary.
6) Authorities are only interested in using the place (TOR) place as a Depot for finished products brought in by Bulk Distribution Companies (BDCs).Some BDCs are owned by the authorities.
7) -Salaries are not being paid promptly. Management takes overdraft from the banks to pay salaries every month.
8) Tema Oil Refinery (TOR) Ltd is gradually collapsing. The Government is not spending at TOR. The country's economy back-bone. (TOR).