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 » Ghanian Contents Only » Ghana Politics Achieve » 

GNPC is broke – Board Chairman

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1 GNPC is broke – Board Chairman on Wed May 25, 2016 11:01 am

Elvis99

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The GNPC Board Chairman is reported in the official documents as arguing that the corporation is in financial difficulties due to a drop in oil prices and the temporal non-production from the Jubilee oil fields, hence the need to hold on with their Voltaian Basin activities. GNPC, we have learnt had budgeted to spend less than fifty million dollars (US$50m) on the search for oil and gas in the Voltaian Basin, but their Board Chairman has argued that the company is not in a position to finance the search.

The experts are therefore contemplating, among other measures, on petitioning the Parliamentary Committee on Mines and Energy to institute a probe into the finances of GNPC to ascertain how the oil proceeds have been disbursed.
“How can an oil company that has provided $550 million to set up a regasification plant and another $100
million for KarPower barge, will all of a sudden be pronounced as so broke that it cannot help itself discover oil through spending less than $50 million”, an
expert speaking on condition of anonymity quizzed.

When told that it is Mr. Felix Addo, the Chairman of the Corporation’s Board of Directors who is suggesting that GNPC is broke; the source became furious and
said: “If you don’t trust me, go and ask the President who brought him here to explain. I know John (the President) or Alex will tell you the truth that we are
not broke".
Therefore, the decision to turn around at the closure of the process, under the excuse of 'no money' will be enough justification for the international companies to sue GNPC for deceit."
Industry watchers are expecting dangerous times for GNPC in the coming days.

Source. Ghanaweb



Last edited by MherlynEmhr3z on Wed May 25, 2016 3:53 pm; edited 1 time in total (Reason for editing : Using a website as a reference)

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