Ghana should not panic over Russia oil at TOR – COPEC

The Chamber of Petroleum Consumers (COPEC) is urging the country not to panic over alleged reports of Russian oil brought to Ghana and kept at the Tema Oil Refinery.

The European Union (EU) placed a ban on imports from Russia following the country’s invasion of Ukraine.

Speaking to Citi News, Executive Director of COPEC, Duncan Amoah argued that an embargo has not been placed on Russia’s oil while stressing that other countries such as India and China are buying oil from the embattled country although at a capped price.

He said the energy think tank welcomes any move by the country for cheap fuel without sanctions considering the high cost of energy.

“If Russian cargos were halted forthwith, crude prices could jump to $150-200 per barrel tomorrow morning. Their cargos continue to be around. Fortunately for you and I, the very company known to have imported or received this cargo a few days is a Ukrainian company. So the very country that Russia is at war with has a subsidiary that is buying Russian crude. I don’t think Ghana should panic over this.”

“There’s no discussion to be had. If that crude will come in cheaper, we at COPEC are all for it. We will want to believe that at this point in time that energy cost or energy prices are so high, if there is an alternate way to bring in cheaper cargo that doesn’t carry any sanctions along with it, Ghana should explore that,” Duncan Amoah said

Meanwhile, ranking member on Parliament’s Mines and Energy Committee John Jinapor has served notice that he will use all means to haul the National Petroleum Authority before Parliament to answer questions on the 600,000 barrels of oil allegedly brought to Ghana from Russia.

NPA sources however say the oil is actually coming from Kazakhstan for a private firm by the name of Planton.

Source: citifmonline