The management of Tema Oil Refinery (TOR) Limited has refuted claims circulating in the public sphere suggesting that the premier refinery has been acquired by the recently established private entity, Sentuo Oil Refinery.
In a statement released by the corporate and public affairs department of TOR and shared with the Ghana News Agency, the refinery clarified that there have been no discussions regarding the sale of TOR, nor have any arrangements been made to mark Sentuo's purported acquisition of TOR.
The statement reiterated TOR's commitment to its primary objective of restoring and resuming operations of its processing plants and equipment, alongside its aspirations to enhance its terminal business.
Emphasizing TOR's adherence to due diligence and regulatory compliance in all commercial endeavours, the statement categorically denied any involvement in unauthorized mergers or acquisitions.
Regarding the collaboration between Sentuo and TOR, the statement clarified that it pertains to crude oil storage arrangements, with Sentuo paying TOR for storage services. When Sentuo is ready to refine the crude oil, TOR facilitates the transfer of the stored oil back to Sentuo.
TOR reaffirmed its dedication to transparency and pledged to communicate any significant changes or developments openly to its stakeholders.
In conclusion, TOR asserted its independence and emphasized that there has been no takeover of its management by Sentuo Oil Refinery.
