Just in: TOR refutes IES allegations, says refinery in shape and working optimally

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The Tema Oil Refinery has refuted allegations by the Institute of Energy Securities (IES) that it is being plunged into further troubled waters as it has incurred a loss of 24 million dollars mainly due to a drastic reduction in the prices of crude oil on the international market.

A statement issued by TOR and signed by Dr. Kingsley Antwi-Boasiako, Public Affairs Manager read in part that ‘’IES’s additional claim that TOR did not employ suitable techniques in managing risk of a fall in price is untrue. Whereas the volatile nature of crude oil prices lies beyond the control of the Tema Oil Refinery, any potential price risk arising from the such volatility is however mitigated in a special arrangement with our suppliers’’.

The statement, dated today, Monday December 3 2018, added that management of the refinery also advises IES not to jeopardize the long term business module between TOR and its strategic partners with stories that cannot be substantiated.

See the full statement below.

Source: BestNewsGH.com

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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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