Business News of Friday, 7 December 2018
The Energy Committee of Parliament has hinted it will soon order the Tema Oil Refinery (TOR) to appear before the house to give account of its operations after declining earlier invitations.
Ranking Member of the Committee, Adam Mutawakilu, disclosed the committee has not been able to look at TOR’s 2017 financial statements because the company have consistently turned down the committee’s invitations.
He said the committee is clothed with the powers of a high court and “soon, we will have to subpoena them to appear before the committee so that we will be able to look at their financials”.
He observed TOR is riddled with issues that need to be addressed but would not honour the committee’s invitations.
“Upon several invitations for them to appear, 2018, two invitations they had declined to appear, but you will all bear with me that issues in the social media and in the public is not good for TOR”, he said.
Some of the issues he mentioned as the move to convert TOR to a tank farm and a recent publication by IES which suggested the company is in financial crisis.
“One, turning it into a tank farm was not good, they kicked against it, they got 950 barrels of oil for production and we were told there will be consecutive production…. As we speak now, Tema Oil Refinery is not producing”, he noted.
According to the Member of Parliament for Damango, TOR has incurred a debt of 24 million dollars and he has therefore urged the government to investigate the matter.