$5M Debt to TOR: Woodfield in Crafty Game

– Engages Media for Public Relations ‘Blow Job’

Woodfields Energy Resources Limited, the company indebted to the Tema Oil Refinery (TOR) way above $5Million, is resorting to crafty media game, in an attempt to sweep the debt under the carpet.

TOR is believed to be in financial distress because of Woodfields Energy’s agenda not to settle the huge debt owed it, to enable the only state refinery function as expected.

To further its non-payment agenda, however, the company, after resorting to various means to challenge TOR over the debt, has now been engaging sections of the media for pure Public Relations ‘blow job’, as a way of cover-up in order to dodge payment of its debt.

In the last couple of days, it has resorted to planting of weird Press Releases in selected media outlets, albeit with twisted facts, all in the name of looking good in the public eye.
The debt came about as a result of processing of crude belonging to Woodfields Energy at the country’s only refinery.

Woodfields Energy, in a new twist of its plan, is arguing that through its stock accounting records, certain shortfalls in its products volumes held in the tanks at TOR to the tune of $5.7million, have been detected.

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That claim by Woodfields Energy Resources Limited, has however been parried and laughed off by some officials of TOR, who are abreast with developments on the $5million debt; indicating that Woodfields Energy Limited, indeed, owes TOR to the tune of over $5million.

The Inquisitor without any fear of contradiction has it that, Woodfields Energy Resources Limited, on several occasions, had wanted to lay hands on classified information from TOR, to enable it challenge the $5million debt, but could not succeed.
Meanwhile, Woodfields Energy in an earlier interview with The Inquisitor did claim that there was a kind of reconciliation that must be done by TOR before the settlement of the $5 million debt could be done.

The Inquisitor’s probe into the whole matter has proved that the reconciliation has already been done after Woodfields Energy made certain claims that were disputed by TOR.

TOR is currently in very weak financial position and the Woodfields Energy debt cited largely as a contributing factor to the ugly situation.

Authorities at TOR, however, do not want to speak about the Woodfields Energy indebtedness to the state agency; but this paper is aware of numerous letters and communications changing hands to prevail on Woodfields Energy to settle its debt to TOR.

The Inquisitor is reliably informed that Woodfields failure and or inability to settle the debt to TOR is gradually dragging the country’s oil company into insolvency and to the point of pleading with other state entities for a bailout.

The tolling fee from Woodfields Energy, if it had been settled, would have been enough to sustain TOR.

The Inquisitor Speaks With Woodfields Energy…

Mr. Joe Mbrokoh-Ewoal is a top official of Woodfields Energy Resources and he told The Inquisitor in an earlier interview that the company was insisting on reconciliation before making payments or otherwise.
According to him, Woodfields Energy, through a letter to TOR, has indicated that it would not make any payments without seeing its way clear.

‘’Woodfields Energy has sent demand notice to TOR that it rather owes us and not the other way round,’’ he said.

Mr. Mbrokoh-Ewoal told this paper that Woodfields Energy was disputing certain aspects on the yield sheet that TOR was presenting for payment.

He said: ‘’There are issues such as ATK products of Woodfields turning into Kero and Kero turning into ATK and then there is the suspicion that TOR has offloaded some of our products and made some claims of $4.2.’’

He said that Woodfields Energy over the years has shown good faith to TOR and that the claim that it owes TOR $5million was inaccurate and speculative.

However, The Inquisitor has it that TOR has also discounted all the claims by Woodfields Energy, and that there was no reconciliation to be done.

Source: The Inquisitor