'It's illogical, baseless': BOST slams COPEC claims

'It's illogical, baseless': BOST slams COPEC claims
Source: Ghana | Myjoyonline.com | Austin Brakopowers | M: Austin.powers@myjoyonline.com | Instagram: @realbrakopowers
Date: 13-03-2018 Time: 01:03:24:am
BOST boss, Alfred Obeng Boateng

The Bulk Oil Storage and Transportation Company (BOST) has dismissed as frivolous the claim that it had caused financial loss to the state in the sale of some barrels of crude oil.

In a sharp response to the accusation by the Chamber of Petroleum Consumers (COPEC) Monday, BOST said it rather saved the nation some money in the transaction.

COPEC boss, Duncan Amoah told Joy News Ghana lost an estimated GHS30million in revenue when 1.8million barrels of crude oil was sold to an “unlicensed company” BB Energy.

He alleged the oil was sold to the private company at a discount of two dollars a barrel when prices on the international market were on the rise.

“There are losses across the value chain, which the Office of the Special Prosecutor must be interested in,” he said.

After interrogating the details of the claim, BOST has concluded it was carefully fabricated to tarnish the image of its boss, Alfred Obeng Boateng.

“It is clear from the statement that Duncan Amoah the so-called executive secretary of COPEC lacks both fact of the transaction and the knowledge in the petroleum downstream industry,” a statement by BOST management stated.

COPEC boss, Duncan Amoah

It said the crude sold to BB Energy was 942,000 barrels and not 1.8 million barrels as Mr Amoah quoted to the media.

“For his information, 1 million barrels of the TEN crudes was being refined when TOR broke down. The remaining was given back to the supplier called AOT to set off our indebtedness to that company,” BOST explained.

It wondered where the COPEC boss got the 1.8 million barrels of crude he alleged was sold to BB Energy.

Mr Amoah had also alleged the Tema Oil Refinery (TOR) is not engaged in the sale of the crude oil, but BOST has described it as yet another evidence of COPEC boss’ ignorance.

“What role would TOR play when BOST is selling its own product? When BDCs are selling their products in BOST system does BOST get involve?” the statement said.

BOST management said it is ready to welcome suggestions and criticisms that will reshape and reposition the institution but not lies.

“If Duncan Amoah meant well the first thing to do is to find out the rationale behind such decision be it commercial or not.

"But you cannot just get up and issue such statement that has potential to damage reputation of your fellow human beings and the very company that belongs to all of us as Ghanaians because of your individual interest of looking for cheap money,” it added.

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