Management of Tema Oil Refinery (TOR) Limited has refuted public claims suggesting that its operations have been taken over by the recently inaugurated Sentuo Oil Refinery.
In a statement issued by TOR’s corporate and public affairs department, it clarified that there have been no discussions regarding the sale of the refinery, nor have any arrangements been made for Sentuo’s purported acquisition of TOR.
The statement reaffirmed TOR’s commitment to its core objective of restoring and recommencing operations of its processing plants and equipment, alongside its aspirations to bolster its terminal business.
“Before beginning any commercial endeavour, TOR performs extensive due diligence in addition to abiding by all legal and regulatory obligations. For the records, we have not entered into any unapproved mergers or acquisitions,” it stated.
Regarding the relationship between Sentuo and TOR, the statement elucidated that the collaboration primarily involved crude oil storage, with Sentuo paying TOR for the storage of its crude oil in TOR’s storage tanks. Upon Sentuo’s readiness to refine the crude oil, TOR facilitates the transfer back to Sentuo for refining.
TOR underscored the importance of transparency and pledged to communicate any significant developments or adjustments openly to stakeholders.
“As far as its activities are concerned, TOR Ltd. is steadfast in its commitment to promoting understanding and explicitly asserts that the management of the refinery has not been taken over by Sentuo Oil Refinery,” it stressed.
