General News of Monday, 17 February 2003
As part of measures to ensure the profitability of the Tema Oil Refinery (TOR) the Board of Directors would on February 19 discuss allegations of wrong practices made by President Agyekum Kufuor when he commissioned the Residual Fluid Catalytic Cracker (RFCC) late last year.
Also to be discussed is a report the Serious Fraud Office (SFO) has submitted to it, a reliable source close to TOR told the Ghana News Agency. The Source gave the assurance that the new Board was determined to streamline operations at TOR to ensure that it becomes a golden goose that would lay golden eggs for the country.
It said the meeting would examine procurement practices to see whether or not prices had been inflated and under what circumstances. Also to be examined is whether some of the senior staff own tankers that lifted fuel and if so whether it constituted conflict of interest.
The Board would in addition discuss the cost of the 8.7 million dollars boiler and whether two were to be constructed instead of the only one that was built. The source said some concerns have been raised about the total cost of the RFCC, which was quoted as 236 million dollars at the time it was commissioned and a look would be taken of that too.
TOR is indebted to the Ghana Commercial Bank to the tune of over four trillion cedis.