The Tema Oil Refinery (TOR) has strongly denied any negotiations to sell the refinery to Chinese-owned oil refinery Sentuo Oil Refinery Limited as widely speculated.
TOR in a statement sighted by Peacefmonline.com said “We have not entered into any unapproved mergers or acquisitions.”
The Alliance for Social Equity and Public Accountability (ASEPA) earlier raised concern over the alleged sale of the Tema Oil Refinery (TOR) to Sentuo Oil Refinery Ltd.
They claimed to have information about a private meeting to facilitate the sale of TOR.
“ASEPA received a whistle-blower alert from an insider at the Tema Oil refinery (TOR) that there was on ongoing meeting between the management of Tema Oil Refinery and the management of the Chinese owned private oil refinery Sentuo Oil Refinery Ltd allegedly to discuss the sale of the national refinery to Sentuo,” a statement from ASEPA reads.
Setting the records straight, TOR maintained that there is “No takeover of TOR Ltd.”
They explained that “Sentuo and TOR currently work together in the area of crude storage; Sentuo pays TOR to store some of its crude oil in its tanks. When ready to refine the crude oil, TOR pumps it back to Sentuo.”
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