Gov’t responsible for the loses at TOR

TORThe Junior Staff union of Tema Oil Refinery (TOR) says the refinery cannot be responsible for the loses in its operations.
TOR is currently said not to be efficient and profitable due to huge debts and mismanagement leading to a gradual halt in its operations. Some analysts have also asked that government would have to offload some of its shares to interested investors who will make TOR more viable.

Speaking to Citi Business News, Chairman of the Junior Staff Union Emmanuel Offoh says though there is some level of inefficiencies in TOR’s operations; government must not determine how the state owned enterprise is operated.

“No machine is 100% efficient, it’s has some percentage of inefficiencies. I accept that TOR has some challenges but that doesn’t make us in efficient. The BDC’s they don’t refine, they bring in their products but they are making loses. Why are they making loses? Its because of these subsidies that are not paid to them. That is why they are making loses and at this time the BDC’s as at this time are holding the whole nation at ransom.”

Emmanuel Offoh insisted that unless the government removed the subsidy on petroleum or pay the under recoveries on time then TOR would always make loses. He therefore asked that government to allow the board of the company with its management to operate the company.

“TOR is refining, buying its crude at the world price and government fix the price for us and don’t pay the under recoveries and the tax then TOR will make a loss. So if we have a problem with our balance sheet, who caused that problem. Government is a share holder and you are not pushing anything into the refinery then what are you doing to the company?”

Disclaimer: Comments by third parties do not in any way reflect the views of Raw Gist. We, however, reserve the right to edit and/or delete any comment. [ Terms & Conditions ]

Leave a Reply

(Your email address will not be published)