Founder and Chairman of HFields, Senyo Hosi has denied media reports suggesting that the company is set to offer revenue assurance services in the downstream petroleum industry.

This response comes after reports indicated that the National Petroleum Authority (NPA) was considering awarding a contract to a different entity for the provision of supply assurance and management systems in the downstream petroleum industry.

Speaking to journalists in Accra on May 28, Senyo Hosi dismissed these claims and provided clarification on the matter.

He explained that HFields had actually introduced a system called StockTrack, which focuses on providing end-to-end primary supply assurance and stock-risk management for stakeholders in the downstream petroleum sector.

Hosi clarified that the StockTrack system is not intended to offer revenue assurance services as reported in the media.

He stated, "The StockTrack system is a central petroleum stock monitoring and stock-risk management software for Bulk Oil Import Distribution and Export Companies (BIDECs) operating in the country and the country’s refinery supply chain."

According to Hosi, the system will act as a supply chain execution data nexus for key supply actors, including the Regulator, Financiers, International Oil Traders (IOTs), local Petroleum Service Providers (PSPs), and other related service providers.

"The system allows the regulator to have full visibility of sector activities, providing preemptive information and visibility to mitigate challenges and ensure the sustainability of petroleum supply," Senyo Hosi elaborated.

He emphasized, "It ensures transparency throughout the downstream sector's supply chain processes, enabling all players in the sector to monitor real-time activities because the system tracks all cargo movements entering the country."

"Our system is not focused on revenue assurance like SML's system; it is primarily designed for stock-risk management and supply assurance. This system is unique and developed by us," Hosi stated.

To enhance product supply assurance and streamline planning in the downstream petroleum sector, StockTrack will enable real-time reporting on supply-related issues for sector management.

MA