The Tema Oil Refinery (TOR) is questioning the basis for Woodfields Energy Resources' conclusion that there is a shortfall in its product volumes held in its tanks.

According to TOR, it is improbable to arrive at such a conclusion since "at no point in the ongoing product material balance between TOR and Woodfield has any shirtfall beebn established."

In March, management of Woodfields refuted reports that the petroleum company owes TOR an amount of $5 million.

In a statement issued by the company, the oil and gas holding group said such reports seek to tarnish the good reputation the company has built over the years.

That statement further pointed out certain shortfalls in product volumes held in tanks at TOR to the tune of about $5.7 million.

But TOR has vehemently resisted this assertion in a press release of its own describing it as erroneous.

"Tema Oil Refinery, therefore, rejects, in no uncertain terms, the erroneous impression being created by Woodfield that it has caused such a shortfall in their products in TOR tanks," the March 31 response read.

The statement signed by TOR's Corporate and Public Affairs Manager added that it will, however, not resort to ways that will mar the relationship between both entities.

"TOR values the professional relationship established with Woodfields and all our clients and will therefore not resort to ways that will jeopardize same," the refinery added.