Accra: Ghanaian energy company, GMP, has refuted allegations purportedly based on a petition filed by Petraco Energies DMCC to the Economic and Organised Crime Office (EOCO). In a statement, GMP clarified that the matter in question stemmed from a commercial disagreement under a 50/50 profit-and-loss sharing joint venture with Petraco Energies DMCC, not Petraco Oil Company SA, as erroneously cited in some reports.

According to Ghana News Agency, GMP stated unequivocally that the allegations contained in the petition are spurious and misleading, mischaracterizing what is, in fact, a straightforward commercial disagreement between two joint venture partners. The company explained that it transferred $10 million to Petraco to procure petroleum products. However, while GMP claimed to have transparently disclosed sale prices, Petraco allegedly failed to provide purchase cost details and ignored repeated requests for a formal audit of the transactions.

Key cost elements such as freight and hedging remain unverified, GMP noted. The company expressed that these reports repeat claims that are misleading and damaging, creating an unfortunate public impression of wrongdoing where none exists. GMP stressed that this is a purely commercial dispute with no evidence of fraud or criminality.

The company added that the matter was currently under arbitration in Dubai, where it is pursuing a counterclaim and demanding accountability. GMP expressed concern that certain publications had relied solely on unverified claims from a petition without seeking balance or input from the company. It noted that these one-sided reports create a false narrative and offer detractors an opportunity to discredit its operations and reputation.

GMP reaffirmed its willingness to engage with the media but cautioned that it would not hesitate to take legal action against any outlet or individual that continues to promote defamatory or factually inaccurate content. The company urged the media to uphold professional standards of fairness and accuracy, especially in matters involving ongoing legal proceedings.

GMP (Ghanaian Market Petroleum) is an energy trading company involved in petroleum products marketing and importation. The joint venture dispute with Petraco Energies DMCC is currently subject to arbitration in Dubai.