Taxes, debt caused high fuel prices – NPA
The National Petroleum Authority (NPA) has attributed the high prices of petroleum products on the local markets despite lower world market prices to taxes and debt owed the Bulk Oil Distribution Companies. Ghana is said to have made a billion dollars in windfall from the importation of petroleum products which did not reflect on the […]
Direct petroleum negotiations overtake competitive bidding in Africa
The adoption of direct negotiation for petroleum contracts has become a norm rather than the exception for most oil producing African countries. This is the position of the Africa Oil Governance Report. According to the report, nine out of the eighteen countries studied have adopted competitive bidding processes for the award of petroleum contracts but […]
Justice must prevail for June 3 disaster victims – Senyo Hosi
A player in the petroleum industry, Senyo Hosi, is calling for justice for the over 150 Ghanaians who lost their lives in the June 3 disaster. According to him, the victims and their families need justice saying “whoever is responsible must be held accountable.” “If it was an average person that has caused that incident…he […]
U.S. company swindles BOST of $109 million
A U.S based company, American Tank and Vessel (AT&V) has swindled the Ghana Bulk Oil Storage and Transport (BOST) to the tune of US$109 million. This was revealed on Monday at the Public Accounts Committee sitting in Parliament with a team of officials from BOST and the Ministry of Petroleum. The American company was paid […]
Account for tax revenue before paying BDC debts – Analysts to gov’t
Players in the oil and gas sector are demanding that government discloses proceeds generated from the energy sector levies before going ahead to clear outstanding debts owed the Bulk Oil Distribution Companies (BDCs). They argue that tax payers are likely to be overcharged in the absence of proper accountability from government. The comments also come […]
Gov’t to issue bonds to settle indebtedness to BDCs
The National Petroleum Authority (NPA) has revealed that government is expected to issue a $530 million bond to raise funds to settle its indebtedness to the Bulk Oil Distribution Companies (BDCs). The debt was incurred as a result of under recovery from subsidies on petroleum products. Mr. Asaga told the Daily Graphic that government will […]
GH¢2bn debt payment not to affect petroleum prices – BDCs
Bulk Oil Distributors (BDCs) in Ghana have ruled out any positive effect of the payment of government’s outstanding debts owed them, on the prices of petroleum products. Tekper defends TOR debt recovery levy, others on petroleum sector According to the oil distributors, the amount expected to be paid by government fall within the existing pricing […]
GNPC boss defends ‘numerous’ projects
The CEO of the Ghana National Petroleum Corporation (GNPC) Alex Mould, has hit back at critics who have called for his dismissal for signing onto DEALS which will hurt the finances of the company. “I can assure you that I have the total support of my management team, staff and the Board as to whatever […]
Goil to take over ‘smaller’ OMCs to develop petroleum sector – MD
State owned oil marketing company, Goil has hinted to Citi Business News plans to acquire smaller OMCs to consolidate its operations in the retail of petroleum products. Deregulation: Sanitising Ghana’s downstream petroleum sector or business as usual? The decision also comes at a time when some players in the oil and gas industry have advocated […]
Angry banks chase TOR over unpaid debts
It has emerged that stories of Tema Oil Refinery (TOR) making $800,000 profit as well as converting its debt into a 10-year bond as told by its acting Managing Director, Mr Kingsley Kwame Awuah-Darko, does not represent the full story. Investigations by the Finder indicate that banks which TOR owes have descended on the Ministry […]
