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GNPC vows to resist sale of Kosmos shares to ExxonMobil

  • SOURCE: | Editor
  • The Ghana National Petroleum Corporation (GNPC) is vowing to continue its protest against the takeover of the Jubilee Oil Fields by US oil giant ExxonMobil.

    Kosmos has formally put in a request to President John Mills seeking approval to sell its stake to ExxonMobil.

    But the latest move may suffer yet another blow as the GNPC kicks against it.

    Earlier in the year Kosmos was criticized for what was said to be a private arrangement to sell its shares without following due process and the contract it had with government.

    Head of Economic Evaluation at the GNPC, Kwame Ntow Amoah, tells Joy News GNPC has declined consent for the process because Kosmos does not want to open up to other companies that have shown interest in the Jubilee Fields.

    “The right to choose a partner, no entity can conduct petroleum operation in Ghana except in association with GNPC. So if an entity wants to conduct petroleum operation in this case the new entity being Exxonmobil it has to seek the consent of GNPC to partner with it,” he told Joy FM’s Samson Lardy Ayenini.

    He said GNPC has to determine whether the entity will bring value in partnership with GNPC, adding strategic data that belongs to GNPC was shared without GNPC’s approval.

    For these reasons, he said the GNPC has declined to give their consent to the sale of the Kosmos’ shares to Exxonmobil

    Deputy Information Minister Samuel Okudzeto Ablakwa says the request is yet to be approved.

    Speaking on Joy FM’s Super Morning Show, he says government has not changed its position about how the sale should be conducted.
    http://news.myjoyonline.com/business/201007/48692.asp

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