Isaac Osei resigns as Tema Oil Refinery MD

The Managing Director of the Tema Oil Refinery, TOR, Isaac Osei, is set to depart the company effective January 2020, according to sources close to the company.

He is said to have announced his decision at a staff gathering to end the year 2019.

Although the reasons for his departure are not immediately known, Citi Business News sources say he is proceeding on retirement.

He will turn 69 in March 2020.

Mr. Osei, who is also former Member of Parliament for Subin Constituency in the Ashanti Region, was once the Chief Executive Officer of the Ghana Cocoa Board.

He was appointed in January 2017 to spearhead the transformation of the Tema Oil Refinery whose operation has been dormant for a while.

Among his achievements in his more than 2 and half year stint, was an agreement TOR signed with Woodfield Energy Resources to process a tolling 11 million barrels of crude.

Mr. Osei in an interview said Woodfield Energy Resources’ long history with the Refinery and its knowledge on energy business in Ghana and Africa originated and led the transaction that would ensure that TOR continued the processing of crude oil into the foreseeable future.

He explained that under the tolling model which the Refinery was currently operating, his outfit processed crude oil for or on behalf of third parties at a fee adding that this arrangement placed minimum or no risk at all on the refinery as the processor since the crude oil would be purchased, transported and marketed by the third party.

“TOR which hitherto was in the news for lack of crude, has continuously processed circa four million barrels of crude oil out of a total of 11 million barrels since August 2019, ” he disclosed.