Tema Oil Refinery (TOR) shut down its operations years ago due to the lack of crude oil which serves as the raw material for the refinery, operational inefficiencies, financial constraints, among other challenges.

Before its collapse, TOR could refine about 45,000 barrels of crude oil a day.

Touching on this growing development on BizTech on GhanaWeb TV, the General Secretary of the Ghana Federation of Labour (GFL), Abraham Koomson, accused managers of the refinery of being part of the reasons TOR is on its knees.

He stated that it is sad to witness the once-vibrant oil refinery collapse.

Speaking to GhanaWeb's Ernestina Serwaa Asante on BizTech show, he said, "It is criminalities that have brought TOR to this stage...they are doing their own things. They don't think about this country. They are thinking about their own pocket."

"What is happening to TOR is unfortunate, very sad. GHAIP that we knew is not what we are seeing there. TOR is virtually dead. The workers there, what can they do? Can they threaten to strike? They themselves are not going to work so they'll be in their house and threaten? No, TOR is dead, VALCO is dead," he stated.

Meanwhile, Tema Oil Refinery has been leased to Torentco Asset Management for 6 years at an amount of $22 million.

Torentco is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as annual rent.

The company will also pay an additional rent amount of $1.067 million per month.

According to the management of the Tema Oil Refinery, the Torentco deal is the best option to revitalize the refinery and ensure its long-term sustainability.

ESA/NOQ