‘No talks have taken place regarding the sale of the refinery’ – TOR Management on purported sale to Sentuo Oil Refinery
In response to recent media reports alleging a takeover by Sentuo Oil Refinery, Management of Tema Oil Refinery (TOR) Ltd has provided clarity to the public regarding the situation.
Contrary to the assertions made in various outlets, TOR asserts that no talks have occurred concerning the sale of the refinery, and no arrangements have been made to signify Sentuo’s acquisition of TOR.
“No talks have taken place regarding the sale of the refinery, and no ceremony has been arranged to mark Sentuo’s acquisition of TOR,” a part of their statement read.
Addressing the existing collaboration between Sentuo and TOR, the statement had it that the two companies are currently engaged in crude storage operations where “Sentuo pays TOR for the storage of some of its 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.”
TOR in its statement says it remains resolute in its commitment to its objectives, particularly in enhancing its terminal business and restoring the operation of processing plants and equipment.
Highlighting its dedication to stakeholder engagement, TOR affirms its commitment to transparency and pledges to disclose any significant adjustments or developments openly.
Read full statement here.
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