TOR's Management Denies Allegation That It Is Being Sold To Chinese-Owned Sentuo Oil Refinery

• Tema Oil Refinery's management has shot down claims that it is in talks with Chinese-owned Sentuo Oil Refinery regarding the latter's takeover of TOR
• According to management, no such discussions have taken place, and should they come up, the public would be notified
• This follows an allegation by ASEPA director Mensah Thompson that the two are engaged in merger and acquisition talks

The Tema Oil Refinery (TOR) has clarified claims of a possible takeover by Sentuo Oil Refinery Ltd, a Chinese-owned private oil refinery.

This follows allegations levelled against the state-owned enterprise by the Executive Director of ASEPA, Mensah Thompson, about clandestine meetings between TOR and Sentuo regarding Sentuo's takeover of TOR.

Reacting to the allegation in a letter issued on Wednesday, April 10, TOR's management stated that there have been no such talks between the two entities.

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Management emphatically stated that it has not entered into unapproved mergers or acquisitions with the private company; thus, the claim should be disregarded.

Management instead revealed that Sentuo pays TOR to store some of its crude oil in the refinery’s storage tanks, which is pumped back to the private refinery when it is ready to refine.

It noted that should any such call for an acquisition or merger arise in the company’s interaction with Sentuo, the said information will be disclosed to the general public in a clear and open manner.

It assured stakeholders of its commitment to promoting understanding and asserted that Sentuo has not taken over TOR.

Mensah Thomspon’s allegation

On Monday, April 8, Mr Thompson revealed that he had received information from a whistleblower that on April 4, a meeting between TOR’s management and the Chinese-owned refinery was to discuss a possible takeover of the former.

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According to Mensah Thompson, the clandestine nature of such talks was worrying, and sunlight ought to be shone on it.

He announced that he would revoke the Right to Information Law to compel both companies to disclose the nature of their relationship and confirm or deny the alleged takeover of TOR.

NPA suspends Sentuo’s approval

Earlier, YEN.com.gh reported on the National Petroleum Authority’s (NPA) suspension of the approval given to Chinese company Sentuo Oil Refinery to sell some finished petroleum products.

This is after concerns that some of its products were not meeting industry specifications.

The Institute of Energy Security (IES) and Chamber of Petroleum Consumers (COPEC) accused the Chinese firm of flooding the Ghanaian fuel market with unwholesome petroleum products.

The CSOs said the products were causing damage to vehicles and machinery with key oil marketing brands.

Source: YEN.com.gh