Ghana Chamber of Bulk Oil Distributors Urges Caution Amidst Ongoing Petroleum Developments
The Chamber of Bulk Oil Distributors has taken note of recent developments involving actions of the office of the Special Prosecutor within the petroleum sector and urged caution.
As the umbrella body representing bulk oil distributors (BDCs), the petroleum terminals and refineries, the Chamber wishes to clarify that matters relating to petroleum taxes, as currently being discussed in the public domain, are generally incidental to the operations of the oil marketing companies (OMCs) and not refineries, petroleum terminals or BDCs, according to a press release issued by the Chamber.
Given the preliminary nature of the issues, the Chamber respectfully underscores the importance of measured and restrained public commentary to safeguard the reputation and operations of the companies involved.
It is pertinent to note that these companies maintain extensive trading and financial relationships, both locally and internationally. Accordingly, any reputational impact at this stage may have far-reaching consequences, which may not be easily reversed, particularly where subsequent investigations ultimately clarify the position of the entities concerned.
The Chamber called on all members and Petroleum Service Providers (PSPs) who are subjects of this investigation to cooperate fully with the Office of the Special Prosecutor.
“We urge all stakeholders and the public to allow due process to take its course and to avoid premature conclusions that could have unintended consequences for businesses and the broader industry,” it stated.
The CBOD remained committed to upholding the integrity and transparency of the downstream petroleum sector. “We stand ready to assist the Office of the Special Prosecutor and other law enforcement agencies in their investigations and in enhancing understanding of industry operations. ”.
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