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    Parliament Petitioned over GNPC attempt to purchase Aker Energy shares


     

    Parliament has been petitioned over attempts by the Ghana National Petroleum Corporation (GNPC) to acquire shares in Norwegian oil giant, Aker Energy and AGM Petroleum Ghana Limited.

    A group of Civil Society Organizations (CSOs) filed the petition to the Alban Bagbin-led Parliament.

    The CSOs are those working in Ghana’s extractive industry.

    They have called on Parliament to reconsider GNPC’s planned acquisition of stakes in Aker Energy and AGM Petroleum Ghana oil blocks.

    In all, there were 15 CSOs that jointly filed the petition, saying the possible merits of the deal “cannot be a guise for poor decisions that threaten the country’s economic and fiscal outlook.”

    “We are clear in our minds that the transactions if approved will shortchange Ghana,” according to the CSOs.

    “Therefore we request Parliament to intervene given that the deal has already gone through all the relevant branches of the Executive ostensible glossing over important threats of the transaction to the country’s fiscal situation,” their petition added.

    By law, GNPC, through GNPC Explorco, is allowed to participate in the upstream petroleum sector.

    The Corporation is therefore seeking to purchase a 70 percent stake in the South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited and a 37 percent stake in the Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited.

    As such, GNPC is expected to create a joint operating company with Aker Energy and AGM Petroleum Ghana Limited.

    The Corporation has in that regard secured a Cabinet approval. GNPC is seeking $1.65 billion loan.

     



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