The Minister of Energy and Petroleum has insisted that it duly informed the Ghana Gas Company (GNGC) of the final takeover by the Ghana National Petroleum Corporation (GNPC).
Transaction advisors, PricewaterhouseCoopers (PWC) Ghana was said to have completed the transfer of government’s interest in GNGC to GNPC, according to a statement from the Ministry of Energy and Petroleum dated 12th December 2014.
But Board Chairman of the GNGC Dr. Kwesi Botchwey in a statement yesterday said the announcement about the completion of the takeover process was “surprising and premature,” and insisted that, they are “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.”
But according to a letter dated 9th December 2014, and sighted by citifmonline.com, the Ministry said it initially informed the GNGC about the said takeover in a letter dated 3rd December,2014.
[contextly_sidebar id=”DFhJs6urGX90L233uzZo4v5FYE8D7RDD”]The 9th December letter, signed by the Energy Minister Emmanuel Armah Kofi Buah, also referenced a meeting between the key officials heading the various companies at a meeting on 9th December over the matter.
The Energy Ministry’s letter insisted that the meeting was attended by Dr. Kwesi Botchwey himself and his company secretary, a claim which he denies.
The rest of the officials who attended the said meeting are the Board Chairman and two Board Members of the Ghana National Petroleum Corporation (GNPC) and the Chief Executive of GNPC.
The meeting was also attended by officials of the Ministry of Energy.
The Ghana gas takeover, according to government is expected to make GNPC a stronger company with enough muscles to compete on the global stage.
According to Finance Minister Seth Tekper ‘the consolidation of GNPC and GNGC will make it possible to enhance a more integrated management and continue financing of projects in the oil and gas enclave immediately’.
The move will make Ghana gas a subsidiary of GNPC.
By: Nana Boakye-Yiadom/citifmonline.com/Ghana