GNPC clarifies non-payment of JOHL revenues into PHF and Litasco loan transaction
The Ghana National Petroleum Corporation (GNPC) has clarified issues concerning the non-payment of Jubilee Oil Holdings Limited (JOHL) revenues into the Petroleum Holding Fund (PHF) and details of the Litasco loan transaction.
According to the GNPC, media reportage on the issues have been riddled with falsehoods and inaccuracies hence the clarification.
Addressing the JOHL non-payment of revenues issue, the GNPC stated that they have made no attempt to steal or stolen US$343 million meant for the PHF as portrayed by the media reportage.
According to them, JOHL while being a subsidiary of GNPC is not obligated under law to deposit its revenues in the PHF – a position supported by legal advice from the Attorney General – and thus they denounce all attempts to spread false news concerning the issue.
“The proceeds from the sale of JOHL’s crude oil cargoes are paid into JOHL accounts, and as a sign of transparency, GNPC continues to provide information on the utilisation of these monies by JOHL to PIAC upon request,” it said.
Concerning the Litasco loan transaction, the GNPC said suggestion that the loan has been secretly contracted without parliamentary approval is grossly inaccurate.
“The Facility currently under negotiation is not a new loan by GNPC or the Government of Ghana (GoG). Instead, it is a re-financing arrangement for an existing debt that is incumbent upon ECG and the Government of Ghana to settle, with GNPC as counterparty. The purpose of this arrangement is to ensure the uninterrupted supply of power to the country,” it explained.
The GNPC added that it is working on finalizing the detailed terms of the loan agreement with Litasco.
“Once these negotiations are completed, the final negotiated terms will be reviewed by the GNPC Board, the Minister for Energy, and the Minister for Finance. The final documents will then be submitted to Parliament for consideration,” it said.
It assured the general public of its commitment to maintaining transparency in the ongoing deals and assured parliament will be made aware of the final detailed negotiated terms before the execution of any agreements.