The Herald, has landed yet another stinking deal at the state-owned Bulk Oil Storage and Transportation Company Limited (BOST) involving the loss of several million of dollars by the country in a major transaction, sometime last year.
Top officers at the BOST, according to The Herald’s information, were said to have fallen at the whims and caprices of powerful government apparatchiks, who hatched the deal, and played along in order to protect their jobs having already soiled themselves in the 5 million litres of contaminated fuel.
The transaction involved the sale of barrels of crude oil by BOST to a foreign company at a knockdown price.
What is more striking, is that till date, insiders told The Herald that the said foreign company, is yet to pay BOST for the transaction. It is not clear, whether the powerful government apparatchiks are sitting on the money or had shared it.
The fuel was part of a 2 million barrels of crude oil purchased for BOST by the previous administration to be refined at the Tema Oil Refinery (TOR).
The BOST management led by Alfred Obeng, reportedly sold 1 million barrels to a company based in London called, BB Energy at a price of US$55.00 per barrel.
Interestingly, while selling the crude oil for US$55.00 per barrel, the international market price for crude oil was over US$62.00 per barrel.
In addition to this BB Energy, hasn’t paid a dime for the crude bought from BOST.
The fuel had been at TOR for storage, and BOST wrote to them that it has transferred ownership to BB Energy which was done, last year.
The Herald’s information is that, BOST effectively, lost over US$7 million dollars in the deal with BB Energy, which is based in the U.K.
Insiders at BOST also told The Herald that workers of BOST, have been furious about the transaction and are demanding some answers on the deal from the BOST management and its board under the Chairmanship of Dr. Kwame Achampong-Kyei, Executive Chairman of GLICO Group.
They wish to know, why the 1 million barrel was sold at a meager $55.00 per barrel, when the international market price for crude oil at that time was over $62.00 and the whereabouts of the money from the buyers; BB Energy.
More to come!