The Minority in Parliament has accused Energy Minister Boakye Agyarko for the inability of the Tema Oil Refinery (TOR) to raise letters of credit to import crude leading to a shut down.
Ranking Member of Parliament’s Mines and Energy Committee, Adam Mutawakilu, has therefore urged the New Patriotic Party (NPP) government to focus its efforts towards salvaging the dwindling fortunes of the refinery.
According to him, plans by government to convert the refinery into a tank farm has discouraged banks from issuing guarantees that will enable the refinery to import crude.
Speaking to Class FM on Thursday 28 June 2018, Mr Mutawakilu explained that the erstwhile National Democratic Congress (NDC) government was able to turn the fortunes of the refinery even when the machinery was down.
“When I heard it [that there were not able to raise letters of credit], IEA made it clear and their boss, Sakyi, put everything squarely on the Minister and I support it 100 percent,” he said.
He said as political leaders, what is said in public especially on international platforms, have a ripple effect across the world so “when the minister made a statement in May at an offshore technology conference in Houston, it said the tone for lenders to be worried. When a minister says they will turn TOR to a tank farm definitely the banks will think that it is the end of the refinery and you can see that it is affecting the operations of TOR”.
He has therefore entreated Mr Agyarko to “assure the market that TOR will not be turned into a tank farm”.
He wants the Minister to also assure Ghanaians that TOR debts are being paid to boost investor confidence.
Source : Ghana/ClassFMonline.com