COPEC accuses BOST of causing financial loss to the state

By PrimeNewsGhana
COPEC accuses BOST of causing financial loss to the state
COPEC accuses BOST of causing financial loss to the state

The Chamber of Petroleum Consumers(COPEC) is accusing the Bulk Oil Storage and Transportation Company, BOST, of causing financial loss to the state in a 1.8m crude oil sale.

Executive Secretary of COPEC Duncan Amoah, speaking on Joy news, Monday stated that the country lost an excess of about 30 million cedis in revenue from a transaction between BOST and an unlicensed company.

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.

BOST has however dismissed COPEC's allegations as baseless saying that it has duly followed the necessary procedures in transacting oil sales in the country.

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