Prime News Ghana

BOST slams COPEC, saying claims are irrational and untrue

By Clement Edward Kumsah

BOST has stated that claims by COPEC that its had caused financial loss to the state in the sale of some barrels of crude oil are irrational and unsubstantiated.

 Executive Secretary of COPEC Duncan Amoah, on March 12, 2018, asserted that the country lost an excess of about 30 million cedis in revenue from on a transaction between BOST and an unlicensed company.

In a quick rebuttal from the  Bulk Oil Storage and Transportation Company, BOST, in a statement said, they have rather saved Ghana some money in the transaction with BB Energy.

 “It is clear from the statement that Duncan Amoah the so-called executive secretary of COPEC lacks both fact of the transaction and the knowledge in the petroleum downstream industry,”

 According to the statement from BOST, after perusing the assertions from COPEC, it clear that Duncan Amoah’s claims are nothing but calculated attempt to stain the image of the CEO of BOST, Alfred Obeng Boateng.

 The statement added that management of the Bulk Oil Storage and Transportation Company, BOST are ready to welcome suggestions and criticisms that will reshape and reposition the institution but not lies.

 “If Duncan Amoah meant well the first thing to do is to find out the rationale behind such decision be it commercial or not.

 "But you cannot just get up and issue such statement that has potential to damage reputation of your fellow human beings and the very company that belongs to all of us as Ghanaians because of your individual interest of looking for cheap money,” it added.

 Claims by COPEC

COPEC believes that the losses were recorded at every stage of the value chain in the sale of 1.8 million barrels of crude oil. However, the group does not understand why the said barrels of oil were sold when the initial volume procured was 2 million barrels.

Mr Amoah added that EOCO, as well as the office of the Special Prosecutor, should be interested in the losses accrued by transactions by BOST.

“There are losses across the chain which the office of the Special Prosecutor, must be interested in this one, EOCO must be interested in."

COPEC further accused BOST of selling products to BB Energy, an unlicensed company.

“We do not think if it was his (BOST's CEO, Alfred Obeng Boateng) personal company he would agree to undertake this kind of transaction", he said.

The accusations follow a major scandal which involved BOST selling some 5 million litres of contaminated fuel to 38 unlicensed companies, and the subsequent 1.8m crude oil sale in September 2017.