Tema Oil Refinery (TOR) has denied claims of an alleged takeover by Sentuo Oil Refinery, dismissing allegations of a meeting to discuss the sale of the national refinery to the Chinese-owned private oil refinery.
Mensah Thompson, the Executive Director of ASEPA, had earlier alleged on Monday, April 8, that there was a meeting between TOR management and Sentuo Oil Refinery Ltd to discuss the sale of the national refinery.
However, TOR clarified in a statement on Wednesday, April 10, 2024, that no discussions have taken place regarding the sale and no ceremony has been planned to mark Sentuo’s acquisition of TOR.
TOR explained that its current arrangement with Sentuo involves storing some of Sentuo’s crude oil in TOR’s storage tanks, with TOR pumping the oil back to Sentuo when the latter is ready to refine it.
