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Business News of Thursday, 26 May 2016

Source: Graphic.com.gh

GNPC fails to collect over $92m debt from TOR, Ghana Gas

The Public Accounts Committee (PAC) of Parliament on Tuesday grilled the Ghana National Petroleum Corporation (GNPC) over its failure to collect a total of $92,112,277 from the Tema Oil Refinery (TOR) and the Ghana Gas Company.

The 2012 Auditor General's Report cited the two state enterprises — TOR and Ghana Gas — for owing the GNPC $58,404,874 and $33,707,403, respectively.

The report recommended to the management of GNPC to take steps to recover the money from the two state enterprises.

Members of the PAC, therefore, expressed worry over the inability of the GNPC to retrieve the money from the two enterprises since then.
GNPC's responses

Responding, the acting Chief Executive Officer of the GNPC, Mr Alexander Mould, said the corporation ensured that it had agreements with the two state enterprises on the payment.

He said with regard to TOR, the GNPC was yet to agree with the refinery on the payment date.

The reason, he said, was that TOR had just started operations.

He said the GNPC would reach an agreement with TOR on a payment schedule.
Mr Mould said with regard to the Ghana Gas’ indebtedness, it had to do with the transfer of pipelines by the GNPC to the company.

He said the cost of the pipelines was $33,707,403.

He said there was an agreement on the deal, with interest accruing to the GNPC, and indicated that Ghana Gas was putting in place a payment schedule for that.