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TOR denies allegations of takeover by Sentuo Oil Refinery

The Tema Oil Refinery (TOR) has denied suspicions of a takeover by Sentuo Oil Refinery, following reports of a meeting to discuss the sale of the national refinery to the Chinese-owned private oil refinery.

In a statement issued on Monday, April 8, ASEPA’s Executive Director, Mensah Thompson, said that TOR management met with Sentuo Oil Refinery Ltd to discuss the sale of the national refinery.

However, in a statement issued on Wednesday, April 10, 2024, TOR stated that no conversations have taken place about the sale, and no ceremony has been scheduled to commemorate Sentuo’s acquisition of TOR.

TOR explained that Sentuo is currently paying to store crude oil in the refinery’s tanks, which is then pumped back to Sentuo when ready for refinement.

TOR stated that it appreciates its relationship with stakeholders and commits to report any relevant developments as they occur.

Source: Energy Ghana