Tema Oil Refinery dismisses speculative takeover talks with Sentuo Oil Refinery
The Tema Oil Refinery (TOR) has denied claims suggesting an imminent takeover by Sentuo Oil Refinery.
The denial of the claims by TOR comes in the wake of allegations surrounding a purported meeting between TOR’s management and the Chinese-owned Sentuo Oil Refinery Ltd to discuss the sale of the national asset.
Mensah Thompson, the Executive Director of ASEPA, had earlier insinuated on Monday, April 8, that discussions regarding TOR’s sale were underway.
However, TOR, in a statement issued on Wednesday, April 10, 2024, has set the record straight, highlighting that no such negotiations have occurred, nor has any ceremony been slated to commemorate Sentuo’s supposed acquisition of TOR.
Further clarifying its relationship with Sentuo, TOR revealed that the Chinese entity engages TOR’s services for crude oil storage and that when Sentuo decides to refine the stored crude, TOR facilitates the transfer back to Sentuo for processing.
In reaffirming its commitment to transparency and stakeholder trust, TOR has assured the public of its intent to promptly communicate any material developments pertaining to its operations or ownership structure.
Read details of the statement by TOR:
