TOR Denies Allegations of Sentuo Oil Refinery Takeover - Onlinetimesgh

TOR Denies Allegations of Sentuo Oil Refinery Takeover

Tema Oil Refinery (TOR) has countered allegations suggesting a purported takeover by Sentuo Oil Refinery, disputing claims of a meeting aimed at discussing the sale of the national refinery to the Chinese-owned private oil refinery.

Mensah Thompson, Executive Director of ASEPA, alleged in a statement on Monday, April 8, that TOR management had engaged in discussions with Sentuo Oil Refinery Ltd regarding the sale of the national refinery.

However, TOR released a statement on Wednesday, April 10, 2024, firmly stating that no negotiations have occurred concerning the sale, and no ceremonies have been planned to signify Sentuo’s acquisition of TOR.

TOR clarified that their current arrangement with Sentuo involves storing some of Sentuo’s crude oil in TOR’s storage tanks. When Sentuo is prepared to refine the crude oil, TOR facilitates the process by pumping it back to Sentuo.

Read full statement below:

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