GNPC hasn’t taken over Ghana Gas – Kwesi Botchwey retorts.

There is seeming confusion over claims by government that Ghana National Petroleum Corporation(GNPC) has finally taken over the Ghana National Gas Company.

A press release issued on Thursday from the Ministry of Energy, stated that government had finally transferred all its shares from Ghana Gas Company.

It indicated that the move is in pursuance of government’s policy of consolidating activities with the petroleum sector.
The move, according to the GNPC will make Ghana Gas Company a gas subsidiary of the former.

But a press statement issued by the Ghana Gas Company later on Thursday and signed by the Board Chairman, Kwesi Botchwey described the statements suggesting that the takeover has been concluded as “surprising and premature.”

According to GNPC, “the Board & Management of Ghana Gas have not held a single meeting with the Transaction Advisor (who a statement from the Minister for Finance said has been appointed), neither has the Transaction Advisor requested the Company to provide it with any information.”
“ It cannot therefore be said that the process has been undertaken and concluded,” it added.

It further stated that “while the Board has become aware of government intention, through its announcement in the Budget & Financial Estimates of 2015, to transfer its ownership of Ghana Gas to the GNPC, as a limited liability company, the Board of Ghana Gas has as of today not passed any resolution nor has the Board filed the necessary papers to effect the change in ownership.”

It said Ghana Gas Company is “yet to receive any written indications from either the Minister for Finance or Minister for Energy on the takeover decision and the way forward as the Company prepares to meet the Transaction Advisor.”

It therefore urged all stakeholders to allow the appointed Transaction Advisor (PricewaterhouseCoopers) to undertake its assigned task before arriving at any conclusions.


Source: Citifmonline.com

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