Vitol on Sahara controversy

Vitol, the Nigerian Oil Company on Wednesday said none of its principals, agents or associates in Ghana is involved in the various debates on the Sahara contract.

It said it has also not requested any organisation, either political or otherwise to speak or act on its behalf.

In a statement in Accra in reaction to the long debate on the contract for Sahara to lift oil for Ghana, Vitol assured the government and people of Ghana of its support for the energy and petroleum industry and continued intention to do business in the country.

It said it has confidence in the contract between the governments of Ghana and Nigeria, adding: "It is in the best interest of the people of Ghana".

"We are not affiliated to any political organisation anywhere in the world including Ghana. Our relationship with the various Ministries of Energy and Oil are of commercial nature.

"Our terms of contract with Tema Oil Refinery (TOR) make no mention of $.055 as part of the negotiated price. Vitol is not aware of the source of this figure which appears to be the centre of recent discussions surrounding the Sahara contract," the statement added.

It said Vitol, which has been doing business around the world for over 35 years uses its entrepreneurial and financial strength to put together oil transactions which are beneficial to the countries they deal in and also make adequate returns on its investments.