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GNPC finally completes takeover of Ghana Gas

Source: Ghana | Myjoyonline.com |

State oil operator, Ghana National Petroleum Corporation (GNPC) has finally taken over the Ghana National Gas Company.
This follows the acquisition of shares held by Government in Ghana Gas Company by the GNPC.
Ghana Gas is now expected to operate as a subsidiary of GNPC.
“As far as GNPC and Ministry of Energy are concerned, we have signed an agreement for the transfer of the shares to GNPC,” he told Joy Business.
The initial stage of the takeover was characterised by controversies in December last year leading to the Board Chairman of the Ghana National Gas Company, Dr. Kwesi Botchwey issuing a statement to reject claims by the Energy Ministry that the take-over had been concluded.
“Statements suggesting that the takeover has been concluded are, therefore, surprising and premature. The Board & Management of Ghana Gas have not held a single meeting with the Transaction Advisor (who, according to a statement from the Minister for Finance, has been appointed), neither has 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,” he asserted.
However, official correspondence from the Ministry of Energy and Petroleum intercepted by Joy News a day after his statement, indicated that the Board and the Chief Executive of Ghana National Gas Company were officially informed about the takeover process.
Nonetheless, Mr. Alex Mould today confirmed to Joy Business that the takeover has been “consummated” pending finalisation of the legal processes.
New board members for the two entities are expected to be announced soon, he added.
– See more at: http://www.myjoyonline.com/business/2015/April-8th/gnpc-finally-completes-takeover-of-ghana-gas.php#sthash.pTNdMhOH.dpuf

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