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Business News of Wednesday, 5 December 2018

Source: 3 News

Don’t ruin our business with unsubstantiated stories - TOR to IES

The Tema Oil Refinery (TOR) has taken a strong exception to a widely publicised an article on December 2 by the Institute for Energy Security (IES) under the heading “TOR PLUNGED FURTHER INTO TROUBLED WATERS”.

IES in its publication had asserted among other things that TOR has incurred a $24 million loss as a result of the drastic reduction in the prices of crude oil on the international market.

But TOR in a rejoinder issued Monday December 3 disputed all the claims raised by IES and advised the institute “not to jeopardize the long term business module between TOR and our strategic partners with stories that cannot be substantiated”

IES had also claimed TOR did not employ suitable techniques in managing the risk of a fall in price, something TOR said is also “untrue”, explaining there is a special arrangement with their suppliers to mitigate any risks that may arise.

TOR further debunked claims by the IES that the Oil Refinery does not know when it will receive the next parcel of crude. According to TOR, “IES operates outside TOR and cannot therefore be privy to all of TOR’ s cargo dealing.

It added “expected receipts of TOR’s cargo are in accordance with our program and should lead to a receipt of the next parcel of crude oil this month.”

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