Tema Oil Refinery (TOR) has refuted claims of a takeover by the Chinese-owned private oil refinery, Sentuo Oil Refinery Ltd.
These denials come in response to allegations made by Mensah Thompson, the Executive Director of ASEPA.
According to Mr. Thompson’s statement on Monday, April 8, ASEPA received a whistle-blower alert from an insider at TOR, indicating a meeting between TOR management and Sentuo Oil Refinery Ltd.
The alleged purpose of the meeting was to discuss the sale of the national refinery to Sentuo.
“The meeting, we were informed lasted from 10 am to 1 pm at the premises of the TOR after which there was a large celebration at Sentuo Oil Refinery Ltd to celebrate the outcome of the supposed meeting. The said meeting till now has not been reported in the media and neither has Tema Oil Refinery issued an official statement on the matter,” it added.
ASEPA has declared its intention to utilize the Right to Information Law to compel both TOR and Sentuo Oil Refinery to reveal the nature of their relationship.
They seek confirmation regarding whether TOR has been sold to Sentuo or if specific aspects of TOR’s operations have been transferred to Sentuo.
But TOR in a statement on Wednesday, April 10, 2024, emphasised that no talks have taken place regarding the sale of the refinery.
Management clarified, stating, “We have not engaged in any unauthorized mergers or acquisitions.” Expanding further, TOR elucidated that Sentuo currently compensates them for storing a portion of its crude oil in the refinery’s storage tanks.
When Sentuo is prepared to refine the crude oil, TOR then transfers it back to them.
The statement concluded by clarifying that, “TOR cherishes its relationship with its stakeholders. Therefore, any noteworthy adjustments or developments will be disclosed in a clear and open manner.” ”As far as its activities are concerned, TOR is steadfast in its commitment to promoting understanding and explicitly asserts that the management of the Refinery has not been taken over.”
Read statement below:
