Ghana Gas Refutes Takeover Of Company By GNPC

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By Gifty Arthur

Reports in the media that the Ghana National Petroleum Company (GNPC), has taken over the day-to-day management of the Ghana National Gas Company (GNGC), has been refuted by the gas company.

The Board of Directors of GNGC, in a statement issued yesterday, said no such thing has been done, informing the general public to disregard the claim.

The GNGC statement, which was signed by its Board Chairman, Dr. Kwesi Botchwey said, “The attention of the Board of Directors of the Ghana National Gas Company (Ghana Gas) has been drawn to various news items and articles suggesting that the takeover of the Company by the Ghana National Petroleum Company (GNPC) has been concluded.

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,” the statement said

Dr. Botchwey, who expressed “surprise” about the development said, until the appropriate documentations are finalized and the facility formerly handed over to officials of the GNPC; the many statements in the media are only “premature”.

The statement said, although according to the Ministry of Finance and Economic Planning, there was supposed to be a Transaction Advisor in place; not even a single meeting has been held by the two bodies, neither has the Transaction Advisor, requested for any information covering the facility, which will lead to the takeover.

“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 went “We are also 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”.

The statement urged all to allow space for the appointed body to do the necessary work before anybody begins to think for it.

“The Board of Ghana Gas wishes to urge all stakeholders to allow the appointed Transaction Advisor to undertake its assigned task before arriving at any conclusions”.

It also urged “all media houses and interested persons are encouraged to contact the Corporate Communications Department of Ghana Gas for any clarifications and information as we manage this transitory period, it concluded.

The Minister for Finance and Economic Planning, Seth Terkper in the 2015 budget statement to Parliament, announced the merge.

PricewaterhouseCoopers International, was subsequently appointed to work on the takeover.

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