Business

Gold-for-oil: Government bought oil from Russia’s Lethasco SA, not UAE – COPEC

The gold-for-oil policy is aimed at addressing Ghana’s cedi depreciation

Fri, 3 Feb 2023Source: classfmonline.com

An energy policy analyst has disclosed that the government’s 40,000 metric tons of oil as part of the ‘Gold for Oil’ deal was procured from a Russian-based Oil Trading Company (OTC) by the name of Lethasco SA and not from the United Arab Emirates (UAE), as said earlier by the Vice President, Dr. Mahamudu Bawumia.

Mr. Benjamin Nisah, the head of research at the Chamber of Petroleum Consumers (COPEC), made this revelation while reacting to the Deputy Minister for Energy, Mr. Andrew Egyapa Mercer, who said that the government used cash for the first batch of the Gold for Oil deal instead of gold.

Mr. Nsiah spoke on the 6 p.m. evening news on Accra 100.5 FM on Thursday, February 2, 2023.

He said the Gold-for-Oil deal is not the way to go, adding that the deal cannot resolve the country’s petroleum problems.

He said this is so because the price of oil is determined by the Organisation of Petroleum Exporting Countries (OPEC) on the international oil market.

He explained that even if the country had to use gold to purchase oil, it still had to purchase it on the international market.

He was convinced that the Gold-for-Oil deal was not the best way to reduce gasoline prices at the pump.

He stated unequivocally that the country’s ability to refine its own crude oil could lower gasoline prices.

Source: classfmonline.com

Disclaimer

WATCH TWI NEWS

›

Rev. Kusi Boateng registers new company this year – Ablakwa reveals

I have gone into a covenant with God to deal with Mahama – Akua Donkor

West Hills Mall incident: Victim was to travel to Germany the day after he died – Report

Prophet Oduro reacts to Ablakwa’s release of Kusi-Boateng’s ID cards

New Jersey Republican Party reacts to murder of Ghanaian-American

Suhuyini insists DDE comment is silly, stupid

How presidency spent GH¢191m in nine months

I paid Ahmed Suale’s school fees unknowingly – Ken Agyapong reveals