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Ghana Gas battles GNPC takeover mandate

  • SOURCE: | qwesa2big
  • ghana gas

    Controversy has engulfed the takeover of the Ghana National Gas Company (Ghana Gas) by the Ghana National Petroleum Company (GNPC).

    While a statement from the Ministry of Energy says the government has executed the legal instrument assigning its entire shareholding in Ghana Gas to the GNPC, the Board of Directors of Ghana Gas says it has neither filed any resolution nor  the necessary papers to effect the change of ownership of the company.

    It, therefore, described the statement by the Ministry of Energy as surprising and premature.

    The Ministry of Energy, in its statement, said in pursuant to the 2015 Budget and Financial Policy Statement, the government on December 3, 2014 appointed PricewaterhouseCoopers (PwC) Ghana Limited as Transaction Advisor with respect to the GNGC takeover and had since commenced its work in earnest.

    “PwC will also assist with the successful integration of GNGC into GNPC post acquisition,” the statement added.

    However, the Board of Ghana Gas in a statement issued in Accra yesterday (Thursday), said the Board and Management of Ghana Gas had neither held a single meeting with the transaction advisor nor had the transaction advisor requested the company to provide it with any information.

    “It cannot, therefore, be said that the process has been undertaken and concluded,” the statement said.

    The statement said the board was, however, yet to receive any written indication from either the Minister of Finance or the Minister of Energy on the takeover decision and the way forward as the company prepared to meet with the transaction advisor.

    It, therefore, urged all stakeholders to allow the appointed transaction advisor to undertake its assigned task before arriving at any conclusions.

    The statement also encouraged all media houses and interested persons to contact the Corporate Communications Department of Ghana Gas for any clarification “as we manage this transitory period”.

    Source: Daily Graphic.

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