Petroleum Minister, Emmanuel Armah-Kofi Buah has said
that the process leading to a takeover of Ghana Gas by the Ghana National
Petroleum Corporation (GNPC) is almost complete.
“One of the processes is to make sure that the CEO of
GNPC is a board member of Ghana Gas. There are some legal processes that need
to be done. They are left with paperwork. Basically the two companies are
working together with this in mind: that they are one company,” he told the B&FT.
He also explained that: “GNPC by law is the company
that is interfacing in buying all the gas produced offshore. Ghana Gas is the
one processing all the gas. Do we want GNPC to negotiate one gas agreement, get
Ghana Gas to negotiate another and create some weak link in the process?”
The MP for Ellembelle also added that: “We believe
Ghana Gas can benefit with a strong balance sheet of GNPC as we go forward, and
I believe it is good for Ghana”.
The GNPC is Ghana’s National Oil Company (NOC), established
in 1983 by PNDC Law 64 to support government's objective of providing adequate
and reliable supply of petroleum products, and reducing the country's dependence
on crude oil imports through developing the country’s own petroleum resources.
Chief Executive Officer of the GNPC Alex Mould earlier
said: "The acquisition process is ongoing. The shareholder -- Ghana
government -- and GNPC have signed an agreement and agreed the sale. What is
left to complete the takeover is more of an administrative registration issue
at the Registrar-General's. As soon as government decides to do that, we will
consummate the transaction. But in terms of the agreement, we signed it long
ago.
"My understanding is that it is a Cabinet
decision -- which has been passed, so we are just waiting for it to happen and
it could happen any day from now," he said.
The decision to cede management and operations of the
gas processing company to the GNPC has been acrimonious, with the Board of
Ghana National Gas Company challenging the decision in what many considered as
a power-play.
After several boardroom wranglings, government through
the Ministry of Energy and Petroleum announced in December last year that it
has executed the legal instrument assigning its entire shareholding in GNGC to
GNPC, making the GNPC sole shareholder of GNGC with full control.
Mr. Mould however explained that the GNPC is yet to
take over Ghana National Gas, contrary to speculations amid criticism that the
takeover idea is the result of GNPC's lobbying.
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