The Ghana National Petroleum Corporation (GNPC) has stated that it is actively working on finalising the detailed terms of a loan agreement with Litasco.
The Corporation clarified that the loan agreement is still under negotiation and will be subject to review by the GNPC Board, the Minister for Energy, the Minister for Finance, and Parliament before it is executed.
GNPC also emphasised its commitment to transparency in this process and assured Parliament that it will be made aware of the final detailed negotiated terms before any agreements are signed.
The Corporation’s response comes after reports that Jubilee Oil Holdings Limited (JOHL), a wholly owned subsidiary of GNPC, has allegedly failed to pay some US$340 million into the Petroleum Holding Fund (PHF).
The reports also sought to portray that GNPC is involved in a non-transparent attempt to secure a loan agreement with Litasco without Parliamentary approval.
GNPC has denied these allegations, stating that the loan agreement with Litasco is being negotiated in good faith and that it is committed to following all due processes.
The Corporation has also urged the public to disregard the “falsehoods and inaccuracies” in the reportage.
Below is the full statement from GNPC