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Isaac Osei Is "Incompetent" In Managing TOR - Minority

Dec 8, 2018 | Modern Ghana
Isaac Osei Is

Minority in Parliament has accused the Chief Executive Officer of the Tema Oil Refinery (TOR), Isaac Osei of incompetence in managing the refinery.

Minority Spokesperson on Energy committee in Parliament, Adam Mutawakilu says the company is incurring losses under Mr. Osei’s supervision.

“The company is now going into serious debt despite the TOR debt recovery levy,” he stated.

Institute of Energy Security in a statement had demanded an investigation into the circumstances that led to the loss of about $24 million to the state at TOR.

The loss, according to IES, was occasioned by a bad sale and purchase agreement between the management of TOR and British Petroleum (BP).

IES said TOR, on October 19, took delivery of some 950,000 barrels of crude oil for processing after several months of inactivity and IES alleged the refined product is now stranded in tanks due to the failure of TOR to find off-takers for the product.

However, the Tema Oil Refinery (TOR) in December 2018, refuted claims by IES that the company has incurred the $24 million loss.

The management claimed IES only sort to collapse the oil refinery.

Read more: RE: TOR plunged further into troubled waters

Mr. Mutawakilu, however, blamed the alleged increasing debt on the mismanagement of the company “administration has been incompetent in terms of managing the company, as a result, they do not want anybody to have access.”

He alleged Mr. Osei, the CEO has refused to honor invitations from the committee to explain TOR’s difficulties under his watch.

Mr. Mutawakilu said have served notice they will subpoena him to appear before the house.

“As a committee, we will put pressure to ensure that the management appears before Parliament to answer to the committee,” he added.

Source: Ghana|

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