Management of the Tema Oil Refinery (TOR) Limited has debunked public assertions that the country’s premier refinery has been taken over by the recently opened private Sentuo Oil Refinery.
A statement issued by the corporate and public affairs department of the company and copied to the Ghana News Agency on Wednesday said there were no talks for the sale of the refinery and no ceremony had been arranged to mark Sentuo’s acquisition of TOR.
It stated that the refinery, along with its ambitions to enhance its terminal business, was steadfast in its commitment to its objective of restoring and resuming the operation of the processing plants and equipment.
“Before beginning any commercial endeavour, TOR performs extensive due diligence in addition to abiding by all legal and regulatory obligations. For the records, we have not entered into any unapproved mergers or acquisitions,” it stated.
It noted that Sentuo and TOR worked together on crude storage, “such that Sentuo pays TOR to store some of its crude oil in the refinery’s storage tanks. When Sentuo is ready to refine the crude oil, TOR pumps it back to Sentuo.”
The statement said TOR cherished its relationship with its stakeholders and would disclose any noteworthy adjustments or developments clearly and openly.
“As far as its activities are concerned, TOR Ltd. is steadfast in its commitment to promoting understanding and explicitly asserts that the management of the refinery has not been taken over by Sentuo Oil Refinery,” it stressed.
