Page 8 - AfrOil Week 39 2021

AfrOil INVESTMENT AfrOil

The refinery has been in operation since 1923 (Photo: SOPC)

Now that the winners of the auction have been investors to Angola and also to provide oppor-
named, ANPG will start negotiations with the tunities for local companies, it said.
top bidders. It aims to conclude agreements The bidding contests made it “possible to
quickly so that the investors can begin explor- attract foreign companies that are not normally
ing the blocks. present in the country and that are new ‘players’
The agency noted that the roster of top bid- in the oil sector and, at the same time, include
ders in the licensing round did not include any Angolan companies in order to boost the
international majors and stressed that it was national potential of the sector, both in terms
satisfied with the outcome of the auctions. The of business and the workforce,” ANPG com-
licensing round was designed to attract new mented. ™

POLICY
Ghana’s BOST dismisses $26mn

in claims filed by fuel distributors

GHANA BULK Oil Storage and Transportation (BOST),
Ghana’s state fuel import concern, has revised
the total amount of compensation payments
owed to various bulk distribution companies
(BDCs) downward by $26mn following an audit
of its accounts.
According to Edwin Alfred Provencal, the
CEO of BOST, the company has received about
15 claims for compensation worth $37mn since
early 2017, when President Nana Akufa-Addo
was elected, defeating incumbent John Dram-
ani Mahama. These claims raised further ques-
tions about BOST’s viability, as the company was
already carrying $624mn in operational debts, BOST had been hit with $37mn in compensation claims (Photo: BOST)
$109mn in capital expenditure liabilities and
GHS100.284bn ($16.5mn) in legacy debts as of compensation. This audit indicated that only
early 2017, he said during a government briefing $11mn of the $37mn worth of claims submitted
on September 26. were truly valid, he said.
In response to these questions, Proven- This lower number indicates that BOST is a
cal told reporters, BOST initiated a forensic more viable business than previously believed,
audit to assess the validity of the claims for he said.

P8 www. NEWSBASE .com Week 39 29•September•2021