Tema Oil Refinery refutes allegations of takeover by Sentuo Oil
Tema Oil Refinery (TOR)
Tema Oil Refinery (TOR) has rebutted accusations of a purported acquisition by Chinese-owned Sentuo Oil Refinery Ltd, dismissing claims made by ASEPA's Executive Director, Mensah Thompson.
Read full articleThompson alleged receiving a whistle-blower alert from a TOR insider, claiming a clandestine meeting between TOR management and Sentuo Oil Refinery on April 4 to discuss TOR's sale to Sentuo.
However, TOR in a statement on Wednesday, April 10, 2024, denied any such discussions, asserting that no talks regarding the refinery's sale had occurred. Management clarified that Sentuo pays for crude oil storage at TOR's facilities, with TOR later pumping the oil back to Sentuo for refining.
In response to ASEPA's invocation of the Right to Information Law, TOR pledged transparency, affirming its commitment to disclosing any significant developments openly.
TOR emphasised its dedication to stakeholders and assured that any noteworthy adjustments would be communicated transparently.
The refinery reiterated its autonomy, asserting that management remains unaltered and TOR's operations have not been overtaken by any external entity.
See the full statement below:
