Executive Director of the Chamber of Petroleum Consumers – Ghana, Duncan Amoah, has said that explanations given by Bulk Storage and Transportation Company (BOST) on the sale of crude oil to Lebanon-based company; BB Energy at a subsidized rate of $2 were “ridiculous”.

According to COPEC, BOST had sold 1.8 million barrels of crude to BB Energy in a transaction that was anything but financially prudent.

Duncan Amoah further alleged the country lost about $30 million in the transaction which he explained could have been avoided.

BOST’s CEO, Alfred Obeng Boateng however in a rebuttal said the accusations by COPEC were ill-informed and laced with half-truths adding that the crude sold to BB Energy was 942,000 barrels and not 1.8 million barrels as Mr Amoah quoted to the media.

Speaking at a press conference, Monday, Duncan Amoah said although BOST did not deny the allegations by COPEC- except the number of barrels of crude oil traded, he insisted that findings by COPEC showed the deal included 1.8million barrels of crude oil.

“Of all the issues we raised, one about the sale they haven’t denied it. They only contend the numbers and said it’s not 1.8 million it’s 942,000. Our records point to 1.8million barrels at Tullow Oil Refinery (TOR)

Mr. Amoah revealed that BOST suggested it traded off some of the barrels with AOT Energy, a private company, which according to him [Duncan Amoah] some illegalities had involved.

“We are also interested in that trade value. Was it the same ‘donkomi’ value? Or for that transaction Ghana realized market value for that transaction?” he asked rhetorically.

Expressing disappointment in BOST, he said it was no surprise when editor-in-chief of the New Crusading Guide newspaper, Malik Kweku Baako had provided proof.

COPEC-Ghana Executive Director added “We are also saying that there was some illegality occasion and in that came as no surprise when Mr Malik Kwaku Baako pointed out that his documents could confirm that BB energy was applying to NPA in December. They bought the crude in September - in November, December it was asking for permit.”



“The illegality is still there. We discussed a two-dollar discount which they have not been able to refute except to say that they could have sold it even for a worse figure. This is the sort of ridiculous explanations they put on paper and write English to cover up.” He said.