Staff of TOR and BOST describes news reports as "malicious" and "exageration"

December 24, 2016
Source: Norvan Acquah - Hayford/
Staff of TOR and BOST describes news reports as

The worker's unions of the Tema Oil Refinery and the Bulk Oil Storage and Transport (BOST) have hit back at the Finder Newspaper describing publications of the paper as exaggerations, and malicious stories fabricated to run down the management and erode the success story of the two companies.

According to the unions, BOST and TOR, two state-owned enterprises that were once on the verge of collapse which could have led to a total shutdown leading to workers being asked to go home, can be described as viable business entities which any investor will be will be willing to invest their hard-earned currency.

The union noted that the two companies can now borrow on their balance sheet having saved Ghana billions of cedis and ended the emergency cargo problems which forced the government to pay for an emergency load as they seek to prevent queuing her fuel in the country.

While all the depots of BOST are in full operation with a three-month strategic stored fuel, the almost refined TOR has since the beginning of 2016 has been able to refine some 7 million barrels of crude oil.

At a press conference at TOR, the two workers union questioned the agenda of the Finder Newspaper, as the two companies according to them were on their way to recovery in the last two to three years under current Chief Executive Officer, Mr Kingsly Kwame Awuah-Darko, after non-competitiveness in many years.

They, therefore, described the publications of the privately owned newspaper as obvious fabrications without any iota of truth that must be treated with the contempt its deserves as they are convinced the move is aimed at watering down the quality of progress TOR and BOST have made in recent times.

"TOR's production has been boosted from 28000/bpd a day to 45000/bpd and will be doing 60000 bpd with the commercialization of the F61. Ghana saved $1 billion as at August 2016 as reported by the Dispatch newspaper under 12 months of deregulating fuel price which would have gone into just consumption of fuel as the subsidy under the fuel price deregulation, had it not been BOST and TOR."

The spokesperson of the unions, during the press confab further listed some successes of both companies, stressing that "as a result of the synergy between BOST and TOR, there is about $100 million cut in importation of finished petroleum product for each month and government is effectively controlling the supply side of the market forces under deregulation. No more emergency cargo by the BDC’s.”

The Union, therefore, put on record at the press confab that both TOR and BOST has now become profitable businesses making nonsense of one of the Finder’s publications, which stated that especially BOST continues to post losses losing some 32 million Cedis between January to September 2016.

They disclosed that, the company (BOST) would soon publish its final accounts which information available to them suggest they company has made profits again after posting a 124 million Cedis profit last year for the nation.

Meanwhile they also on allegations by the maverick politician and lawmaker for Assin Central Constituency in the Central Region, Hon. Kennedy Ohene Agyapong that the evaluation report for repair works of storage tanks in the country, the unions said those were mere allegations.

They described the said documents in possession of the lawmaker as incomplete and without the duly authorised signatures and has not been even submitted to their General Manager Technical at TOR for his final evaluation. They, therefore, said they could not be valid and relied on.

The union was therefore of the firm believe that, "The recovery of TOR and BOST and their subsequent competitiveness of the downstream petroleum sector has left major competitor no option than to employ the services of mercenary media outfits like the Finder Newspaper" to smear a bleak picture about the two companies and destroy public confidence in them.