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NPA Sanctions 7 Oil Companies

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Some seven oil companies have been penalised by the regulator, National Petroleum Authority for third party violation.

The companies include Moari Oil Co. Ltd, Rodo Oil Co. Ltd, MBA Global Ltd, Cigo Energy Ltd, Torrid Global Ltd, Naddif Co. Ltd and Gat Oil. Co. Ltd.

Whiles four of the companies were additionally suspended by the regulator beside the hefty fines, three others were only slapped with hefty monetary fines of various amount.

They were said to have engaged in third-party trading of petroleum products and accordingly applied the requisite sanctions.

A statement issued by the Corporate Affairs Directorate of the NPA sighted by DGN Online explained that Moari Oil Ltd is to pay a fine of GHC50, 000 comprising GHC10, 000 for engaging in third-party supplies and GHC40, 000 for unlawful lifting of petroleum products.

Rodo Oil Co.Ltd was also fined an amount of GHC350, 000, comprising GHC10, 000 for engaging in third-party supplies, GH340, 000 for unlawful lifting of petroleum products and one month suspension of operations.

As that is not enough, MBA Global Ltd was slapped with GHC85, 000 comprising GHC10, 000 for engaging in third-party supplies, GHC75, 000 for unlawful lifting of petroleum products and one month suspension of operations.

Furtherance to that Cigo Energy Ltd is to pay a fine of GHC245, 000, comprising of GHC10, 000 for engaging in third-party supplies and GHC235, 000 for unlawful lifting of petroleum products.

Torrid Oil Ltd is also to pay a fine of GHC550, 000, comprising of GHC10, 000 for engaging in third-party supplies and GHC540, 000 for unlawful lifting of petroleum products.

Additionally, Naddif Co. Ltd is to pay a fine of GHC150, 000, comprising of GHC10, 000 for engaging in third-party supplies and GHC140, 000 for unlawful lifting of petroleum products and one month suspension of operations.

Finally, Gat Oil is to pay a fine of GHC120, 000, comprising of GHC10, 000 for engaging in third-party supplies and GHC110, 000 for unlawful lifting of petroleum products and one month suspension of operations.

NPA served notice that any companies which fail to comply with the rules and regulations stipulated by the NPA will be subjected to the appropriate sanctions.

-DOG Online

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