Wednesday, April 6, 2011

TOR Board clears MD over controversial crude oil deal

Ato Ampiah

The Board of the Tema Oil Refinery has cleared the Managing Director of any wrongdoing in the controversial crude oil transaction involving some Nigerian firms and individuals.

There have been a number of claimants to the cargo of 600 thousand barrels worth 48 million dollars delivered to the refinery in August last year.

The latest has been a group of Nigerians who says TOR paid the wrong entity for the cargo and is therefore demanding their due.

But in a statement released today, the board said after reviewing the entire transaction it is satisfied that the parcel of crude oil, was delivered to the refinery and the appropriate letters of credit beneficiaries, duly and fully paid by the issuing Bank.

It says all aggrieved parties should seek redress in the courts.

Source: Joy Business/Ghana

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