The Vice President of IMANI Africa, Bright Simons, has stated that the government’s Public Procurement Authority is quietly leasing the Tema Oil Refinery to a shadowy group called Torentco Asset Management (TAM).

He explained that 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.

Under the deal, according to Bright Simons, will pay $0.5 for each extra barrel if it refines more than 8 million barrels.

He wrote on Twitter on June 16, 2023: “Ghana's PPA is trying to pass the buck of tackling the govt's shady lease of state-owned Tema Oil Refinery to Torentco (TAM). Here is a crude summary of the deal. Many murky issues!”

“$22m is all one needs to take over TOR's assets & exploit? Has TOR been deliberately sabotaged?” he asked.

Find the full details of the deal as presented by Bright Simons below