'We have not entered into any unapproved mergers or acquisitions' - TOR denies sale claims

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.

The Alliance claimed to have information about a private meeting held 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 read.

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.”

Read the full statement below

No Takeover of TOR Ltd.

The Tema Oil Refinery (TOR) Ltd. wishes to address recent media reports alleging the takeover of the company by Sentuo Oil Refinery.

We hereby set the record straight and provide the public with the correct information.

1. Absence of purchase or acquisition.

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.

Along with ambitions to enhance its terminal business, TOR is steadfast in its commitment to its objective of restoring and resuming the operation of the processing plants and equipment.

2. Strict adherence.

Before beginning any commercial endeavor, TOR performs extensive due diligence in addition to abiding by all legal and regulatory obligations. We have not entered into any unapproved mergers or acquisitions.

3. Present cooperation.

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.

4. Stakeholder Engagement.

TOR cherishes its relationship with its stakeholders. Therefore, any noteworthy adjustments or developments will be disclosed in a clear and open manner.

As far as its activities are concerned, TOR Ltd. is steadfast in its commitment to promoting understanding and explicitly asserts that the management of the Refinery has not been taken over.