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.