Ghanaian energy company, GMP has refuted what it describes as “spurious and misleading” allegations circulating in recent media reports, purportedly based on a petition filed by Petraco Energies DMCC to the Economic and Organised Crime Office (EOCO).
In a statement issued on Monday, GMP clarified that the matter in question stems 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.
The company explained that it transferred $10 million to Petraco to procure petroleum products.
However, while GMP claims 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, according to GMP.
“This is a purely commercial dispute. There is no evidence of fraud or criminality,” the company stated.
GMP added that the matter is 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.
“These one-sided reports create a false narrative and offer detractors an opportunity to discredit our operations and reputation,” it noted.
The company 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.
GMP concluded by urging media houses 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.