The Tema Oil Refinery (TOR) has denied allegations of a takeover by Sentuo Oil Refinery Ltd, a Chinese-owned private oil refinery.
This follows some allegations made by the Executive Director of the Alliance for Social Equity And Public Accountability(ASEPA), Mensah Thompson, on Monday, April 8, about a meeting between TOR management and Sentuo Oil Refinery Limited to discuss the sale of the national refinery.
“The meeting, we were informed lasted from 10 am to 1 pm at the premises of the TOR after which there was a large celebration at Sentuo Oil Refinery Ltd to celebrate the outcome of the supposed meeting. The said meeting till now has not been reported in the media and neither has Tema Oil Refinery issued an official statement on the matter,” it said.
It added, “In view of this, ASEPA is announcing that it is invoking the Right to Information Law to compel both TOR and Sentuo Oil Refinery to disclose the nature of their relationship and confirm whether TOR has been outrightly sold to Sentuo, or if certain aspects of TOR’s operations have been transferred to Sentuo.”
But TOR, in a statement on Wednesday, April 10, 2024, emphasised that no talks have taken place regarding the sale of the refinery.
“We have not entered into any unapproved mergers or acquisitions,” TOR stated.
Providing more details, TOR explained that Sentuo currently pays them to store some of its crude oil in the refinery’s storage tanks, and when Sentuo is ready to refine the crude oil, TOR pumps it back to them.
“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 is steadfast in its commitment to promoting understanding and explicitly asserts that the management of the Refinery has not been taken over,” the statement concluded.
Read the statement below.
Currently, Ghana imports 97% of its petroleum products requirement, resulting in heavy reliance on external resources, thus posing economic challenges and a drain on the country’s foreign currency reserve.
In January 2024, President Akufo-Addo commissioned the $ 2 billion private oil refinery, Sentuo Oil Refinery Limited, at the Tema industrial hub despite the neglect of the Tema Oil Refinery.
He highlighted ongoing efforts toward the complete revitalisation of the Tema Oil Refinery.
Emphasising the potential of a fully operational Tema Oil Refinery alongside the Sentuo Oil Refinery, the President underscored Ghana’s capability to locally refine a significant portion of its oil, reducing dependence on imported refined products.