The Ministry of Energy has strongly refuted assertions made recently by the Institute of Energy Security (IES), that Energy Minister Dr Matthew Opoku Prempeh had failed to provide the necessary leadership in finding a strategic partner for the Tema Oil Refinery.
Prempeh has always indicated the President’s keen interest in the revitalization of the refinery, creating jobs and positioning itself as market leader on the African continent by seeking a strategic partner for the refinery.
In February and March 2022, a new Managing Director and Board took office respectively, with a clear mandate to work towards securing a strategic partner for the revamping of the refinery.
On 20th May 2022, Government granted approval to TOR to begin negotiations with a strategic partner.
Subsequent to this, on 10th June 2022, the Hon Minister wrote to the Managing Director of TOR to provide guidelines and advice as the refinery prepares, together with its prospective transactional advisor, to enter into negotiations with a strategic partner.
Among others, he directed further that TOR’s indebtedness and workers’ pension funds must be included in the negotiations with the strategic partner5
In the said letter, the Minister emphasized that whatever agreement that may be reached between the refinery and the strategic partner is not final until it has been subjected to further scrutiny by the Ministry of Energy and the Office of the President.The release stated further that it was clear the Minister has demonstrated ‘clear leadership, focus and vision’ in working towards the revamping of TOR, and further asserts that the claim by the IES ‘is borne either out of ignorance of these facts or a deliberate attempt to tarnish the Minister’s image’.The Ministry further noted that given the weight likely to be accorded the IES’s comments, it was important for the organization to be circumspect in its public pronouncements and ensure fidelity to facts before going public.‘The Ministry wishes to assure Ghanaians that Dr.