TOR Board Chairman David Adomako Resigns

The Board Chairman of the Tema Oil Refinery (TOR), David Adomako, has resigned from the board.

In a letter to the presidency, Mr. Adomako cited recent developments at the refinery for his decision to resign.

In recent times, TOR workers, led by the General Transport Petroleum and Chemical Workers Union (GTPCWU), have accused the management and the Board of failing to ensure transparency in brokering a partnership deal between the company and Tema Energy and Processing Limited, formerly Torentco Asset Management Limited.

The situation, resulted in the Board interdicting two executives of GTPCWU– Serwah Duncan-Williams and Anthony Koomson.

“I am unfortunately not in the position to dedicate the necessary time and energy required for a renewed pursuit of a solution for the company, which in my opinion will be an onerous task without a determinable outcome”, Mr. Adomako said in the letter also copied to the Ministry of Energy.

According to him, the Board feels the best way to resuscitate the company is to partner TOR with Torentco – a deal which is yet to happen.

“I am also concerned that such a solution will require a level of harmony between staff, management, board of directors and all other stakeholders that sadly appears to have failed us in this most recent iteration of restructuring efforts”.

He pointed out that the deal would not have only resurrected TOR, but position it on financial pedestal for sustainability.

“In the absence of government financial support for the rehabilitation of the refinery, and given the difficulty in attracting significant private sector investment in the plant, the board has instructed management to present a wider range of alternative strategic options for TOR, whilst also continuing its ongoing efforts to secure investors interested in the rehabilitation of the refinery”.

He warned that the company is struggling to get the required funding from government, hence finding a strategic partner will be the viable way to go.

“I wish the very best for the good people of TOR, and in particular the ordinary working staff, in the immediate future and beyond,” Mr Adomako said.

Meanwhile, the National Labour Commission, the agency responsible for resolving disputes between workers and employers has written to the Acting Managing Director of TOR to respond to complaints received from the Workers’ Union over the interdiction of the two executives.

 

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