The Tema Oil Refinery (TOR) has refuted claims that there is a shortfall in volumes held in its tanks for Woodfields Energy Resources Ltd to the tune of about $5.7 million
TOR in a statement said these claims from Woodfields Energy were unsubstantiated.
“It is instructive to note that at no point in the ongoing product material balance between TOR and Woodfields has any such shortfall been established,” it added.
TOR thus maintains that an “erroneous impression is being created by Woodfields that it has caused a shortfall in their products in TOR tanks.”
The claims from Woodfields Energy, an indigenous Ghanaian petroleum company, came as it refuted claims of its indebtedness to TOR to the tune of $5 million.
According to the company, it has honored all its payment obligations for processing fees to TOR.
Because of its assertions of a shortfall, Woodfields Energy said it had notified TOR in December 2020 of its desire to suspend any payments until after the material balance reconciliation is done.
Find below the full TOR statement
REJOINDER-“WOODFIELDS ENERGY NOT WITHHOLDING PAYMENTS TO TEMA OIL REFINERY (TOR) LTD.’’
Tema, Wednesday, 31/03/2021-The attention of the management of Tema Oil Refinery (TOR) Ltd has been drawn to a series of both newspaper and online publications by one of our clients, Woodfields Energy Resources Ltd. titled “Woodfields Energy Not Withholding Payments to Tema Oil Refinery (TOR) Ltd.” and would like to respond as follows:
- Tema Oil Refinery (TOR) Ltd. wishes to describe as unsubstantiated, Woodfields Energy’s claim in the said publication that there is a shortfall in their product volumes held in tanks at TOR to the tune of about USD5.7M (Five Million and Seven Hundred Thousand United States Dollars).
- It is instructive to note that at no point in the ongoing product material balance between TOR and Woodfields has any such shortfall been established.
- Tema Oil Refinery therefore rejects, in no uncertain terms, the erroneous impression being created by Woodfields that it has caused a shortfall in their producsts in TOR tanks.
- TOR values the professional relationship established with Woodfields and all our clients and will therefore not resort to ways that will jeopardize same.
- TOR assures all our customers of its commitment to delivering our services to the highest standards.