The Tema Oil Refinery (TOR), has rejected reports of the sale of the company to a Chinese-owned oil company, Sentuo Oil Limited.
This comes after Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA), Mensah Thompson had alleged in a press statement that internal discussions had been held for the sale of TOR to Sentuo Oil Ltd.
However, a statement released by TOR on Wednesday, April 10, 2024, has clarified that no talks regarding the sale of the company have taken place.
It explained that Sentuo stores crude oil in TOR’s refinery storage tanks, for which they pay TOR.
“Contrary to what has been alleged, no talks have taken place regarding the sale of the refinery, and no ceremony has been arranged to mark Sentuo’s acquisition of TOR, part of the statement read.
“Currently, Sentuo and TOR work together in the area of crude storage, such that Sentuo pays TOR to store some crude oil into the refinery’s storage tanks. When Sentuo is ready to refine the crude oil, TOR pumps it back to Sentuo.”
TOR emphasized how they cherish other stakeholders, and promised that any new development will be communicated to the public.
“TOR cherishes its relationship with its stakeholders. Therefore, any noteworthy adjustments or developments will be disclosed in a clear and open manner.”
See full statement: