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TOR Only Stores Sentuo’s Crude- Management

The Management of the Tema Oil Refinery (TOR) has refuted allegations of takeover or merger with Sentuo Oil Refinery, noting it only stores the Chinese company’s excess crude.

Delving into its relationship with Sentuo, TOR said it stores crude for Sentuo at a cost.

“Currently, Sentuo and TOR work together in the area of crude storage, such that Sentuo pays TOR to store some of its crude oil in the refinery’s storage tanks. When Sentuo is ready to refine the crude oil, TOR pumps it back to Sentuo.”

It comes after the Executive Director of ASEPA, Mensah Thompson announced his decision to unearth the nature of the friendship between the two companies, alleging TOR has been sold.

In its statement, the TOR said, “Contrary to what has been alleged, no talks have taken place regarding the sale of the refinery, and no ceremony has been arranged to mark Sentuo’s acquisition of TOR.”

It also assured of its commitment to regulations, noting, “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.”

According to the statement, any plan for the refinery would be handled transparently.


Source: /Hajara Fuseini

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