EXPLAINER: All about the Tema Oil Refinery-Torentco 'deal'

Amidst calls for the revival of the Tema Oil Refinery, there have been reports of its lease to a group under the name Torentco Asset Management

The deal states that the Refinery will be leased to a group named Torentco Asset Management for 6 years for $22 million.

The Refinery will be leased to TAM for 6 years where Torentco is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as annual rent.

He added that the group will also pay an additional rent amount of $1.067 million per month.

The “supposed Consortium” has all of its members except Vitol with no credit history.

Despite being listed as part of the Consortium, Vitol has admitted that it has no commitment to Torentco.

Three members of the consortium – Torentco, ENTPP &Litwin are reported to have no credibility.

GhanaWeb's Stella Dziedzorm Sogli explains the deal in this video explainer below







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