HomeBusinessTOR senior staff back Torentco lease

TOR senior staff back Torentco lease

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The Senior Staff Union of Tema Oil Refinery (TOR) has declared support for the ongoing negotiations by management to engage Torentco Asset Management (TAM) as a strategic partner.

TOR will be leased to Torentco Asset Management Group for $22 million for six years and is expected to refine up to 8 million barrels annually.

Also in the deal, the group will pay $1 million as annual rent and an additional rent amount of $1.067 million per month.

This has attracted great national concern after some analysts raised issues concerning the terms of the agreement.

But a statement signed by the Chairman, Bright Adongo, described the terms of the agreement as refreshing.

The Union noted the move is the only viable option to bring back the refinery into operation.

“It is also important to clarify that per the terms of the arrangements, TOR is allowed to terminate the deal at any time and refund the cost of investment to TORENTCO, if it finds a better alternative during the tenure of the agreement,” the statement read.

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