TOR denies allegations of takeover by Sentuo Oil Refinery

The Tema Oil Refinery (TOR) has refuted claims of a supposed takeover by Sentuo Oil Refinery, following allegations of a meeting to discuss the sale of the national refinery to the Chinese-owned private oil refinery.

ASEPA’s Executive Director, Mensah Thompson in a statement on Monday, April 8, alleged that there was a meeting between TOR management and Sentuo Oil Refinery Ltd to discuss the sale of the national refinery.

But TOR in a statement on Wednesday, April 10, 2024, emphasized that no talks have taken place regarding the sale and no ceremony has been planned to mark Sentuo’s acquisition of TOR.

TOR explained that Sentuo currently pays them to store some of its crude oil in the refinery’s storage tanks and when Sentuo is ready to refine the crude oil, TOR pumps it back to Sentuo.

TOR added that it values its relationship with stakeholders and promises to disclose any significant developments when they arise.

Read the statement below

Source: citinewsroom

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