The Bulk Oil Storage and Transportation limited says it did no wrong in the sale of the 942,000 barrels of crude to BB Energy. It says the quantity is also not 1.8 million barrels as claimed by COPEC.
Head of Fuel Trading at BOST, Albert Mantey, said the total crude that came in was 945,000 barrels, and it came in February 2017 and was to be refined by the Tema Oil Refinery (TOR).
TOR however could not refine the consignment due to operational challenges. A decision was taken in September to sell the product.
At a media briefing in Accra, Mr. Mantey said BOST has a 90 day credit facility and therefore selling the product for cash was prudent and strategic. It saved the nation and BOST from legal tussle with suppliers.
He said the two dollar discount is standard practice in the oil industry.
Mr. Mantey said BOST has not caused financial loss to the State by selling the crude oil.
Meanwhile, BOST has instituted legal action against the Chief Executive of COPEC, Duncan Amoah, for alleged death threat against the Chief Executive of BOST.
Head of Fuel Trading at BOST, Albert Mantey, said Mr. Duncan cannot make such unfounded allegations against the Chief Executive.
He said Mr. Duncan should have made a formal report to the police when he received those death threats but since he failed to do that, BOST and its Chief Executive will take him on in court.