Woodfields Energy Resources Limited denies owing Tema Oil Refinery

The management of Woodfields Energy Resources has refuted reports that the petroleum company owes the Tema Oil Refinery (TOR) an amount of $5 million.

In a statement issued by the company, it said such reports seek to tarnish the good reputation the company has built over the years.

“We state emphatically that Woodfields has honoured all its payment obligations for processing fees to TOR and is not indebted to TOR for any processing fee charges,” the statement read.

Management revealed that, Woodfields had a processing arrangement with TOR that grants Woodfields the right to process a total of 11 million barrels of light crude oil.

However, it observed certain shortfalls in product volumes held in tanks at TOR to the tune of about $5.7 million.

As a result, the petroleum sector player engaged TOR in a product reconciliation to ascertain the shortfall.

“We notified TOR in December 2020 of our desire to suspend any payments until after the material balance reconciliation which is presently underway. However, to demonstrate good faith and in recognition of the reconciliation exercise taking longer than anticipated, we have made payments in excess of $1 million to TOR since the commencement of the exercise in January 2021.

“We, therefore, call on the public and well-meaning members of society as well as industry players to completely disregard any publication that seeks to paint a wrong picture as to the nature and style of our company and operations in Ghana,” it concluded.