You are here: HomeBusiness2020 01 14Article 837415

Business News of Tuesday, 14 January 2020

Source: citibusinessnews.com

Asante Berko appointed CEO for Tema Oil Refinery

The Tema Oil Refinery, TOR, is set to announce the appointment of Asante K. Berko, an investment banker, as its new Chief Executive Officer, a Citi Business News source has confirmed.

The appointment of the new CEO comes barely a fortnight after the refinery appointed Ing. Ato Morrison as an interim head following the sudden departure of Isaac Osei, a former legislator.

Mr. Berko comes to the position with a vast wealth of experience in investment banking, having worked for reputable global financial institutions such as Goldman Sachs, Credit Suisse, Barclays among others.

The immediate task of the 46-year-old will be to resolve the alleged issues of malfeasance that culminated in the resignation of the past CEO and MP for Subin.

Departure of Isaac Osei

According to the Institute of Energy Security (IES), the recent resignation of the Managing Director of Tema Oil Refinery, Isaac Osei, was induced by persons who wanted him to approve a shady deal that would have cost taxpayers millions of dollars.

The energy policy think tank in a press release stated that its investigations revealed that Mr. Osei left his position after he refused to sign off a deal to refine 11 million barrels of crude oil at a cost of US$1.5 per barrel instead of a market rate of US$4.5 per barrel.

According to a statement by IES, if TOR had agreed to the terms that were being imposed on it, the refinery would not have been able to recover its operational costs much less talk of making any gain on the transaction.