We have not stolen nor made any attempt to steal US$343 million - GNPC

The Ghana National Petroleum Corporation (GNPC) has refuted claims of its refusal to pay revenues from the Jubilee Oil Holdings into the Petroleum Holding Fund.

According to a press statement explaining issues the GNPC said it had taken note of the reportage on the payment of JOHL lifting revenues into the PHF following the release of the Public Interest and Accountability Committee, (PIAC)’s Semi-Annual Report.

Parts of the report noted that “...proceeds from liftings of JOHL and any other subsidiary of GNPC constitute petroleum revenue and therefore must be paid into the PHF.”

GNPC however said there has been a long-standing disagreement over which kinds of petroleum revenue should be paid into the PHF.

“PIAC is aware of GNPC’s disagreement with the long-held view of PIAC, and GNPC has on numerous occasions explained why revenues from petroleum activities of its subsidiaries cannot be considered as petroleum revenue that must be paid into the PHF.

Consistent with the Petroleum Revenue Management Act, 2015 (Act 815, as amended by Act 893), not all petroleum revenue generated in Ghana is due to be paid into the PHF,” GNPC's statement noted.

On the non-payment of JOHL revenue into the PHF, the GNPC stated that they have made no attempt to steal nor have stolen US$343 million meant for the PHF as being portrayed by the media reportage.

According to them, JOHL while being a subsidiary of GNPC is not obligated under law to deposit its revenues in the PHF – a position supported by legal advice from the Attorney General – and thus they denounce all attempts to spread false news concerning the issue.

“The proceeds from the sale of JOHL’s crude oil cargoes are paid into JOHL accounts, and as a sign of transparency, GNPC continues to provide information on the utilisation of these monies by JOHL to PIAC upon request,” it said.

It further noted that GNPC’s accounts are transparently audited annually by a reputable audit firm appointed by the Auditor General, of which a final report is submitted to Parliament for further scrutiny.

"The accounts of all of GNPC’s subsidiaries including JOHL are also part of this comprehensive audit. Similar to all GNPC subsidiaries, the autonomous structure of JOHL is such that its management reports to a stand-alone Board," GNPC said.

SSD/MA

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