Ocean and Oil Ready To Return "Missing Ship"

Ocean and Oil says it is ready to return MV Asterias, the ship which disappeared with more than 70,000 barrels of oil from the Saltpond Oil Fields recently, if the Ghana National Petroleum Corporation (GNPC) fulfils its promise of providing the necessary financing guarantees.

In an interview with the Ghana News Agency (GNA) Business Desk in Accra, Mr. Onajite Paul Okoloko, Managing Director of Ocean and Oil, said the company was ready to enforce the lien as per Section 26 of the agreement it signed with its partners -Lushann Nigeria, Houston and Saltpond Oil Production Company. He was talking to the GNA after negotiations with the GNPC and other government officials.

Mr. Okoloko explained that the oil was never stolen and that Ocean and Oil was just enforcing the Charter Party Agreement, "which the Ghana government is fully aware".

"We took the decision of moving the ship because we had huge debt yet to be paid and counting down seven months."

Mr. Okoloko said they usually operate within strict commercial terms and in times of default they reserve the right to exercise the terms of agreement to the fullest."