Woodfields Energy Resources Limited, an indigenous Ghanaian petroleum company, has refuted claims of its indebtedness to the Tema Oil Refinery (TOR) to the tune of five million dollars.

According to the company, they have honoured all their payment obligations for processing fees to TOR and is not indebted to the refinery for any processing fee charges.

A statement issued by the company notes that they have engaged the services of TOR over the last three decades, within which period both companies have initiated mutually beneficial ventures, enabling the refinery to increase and improve its facilities.

It further notes that the company has however observed through its stock accounting records, certain shortfalls in the product volumes held in tanks at TOR to the tune of about five million and seven hundred thousand dollars.
The company notified TOR in December 2020 of their desire to suspend any payments until after the material balance reconciliation is done.

However, to demonstrate good faith and in recognition of the reconciliation exercise taking longer than anticipated, Woodfields have made payments in excess of one million dollars to the refinery since the commencement of the exercise in January 2021.