By Godwin Owusu Frimpong
GMP Energy Limited has formally denied allegations of misconduct following a $94.35 million petition submitted to Ghana’s Economic and Organised Crime Office (EOCO) by Swiss oil trading firm Petraco Oil Company SA. In a letter dated 23rd June 2025, GMP rejected claims of criminal wrongdoing, characterising the situation as a “strictly commercial dispute between partners in a joint venture.”
The company stated that it entered into a 50/50 Profit and Loss Sharing Agreement with Petraco Energies DMCC, not Petraco SA. GMP contributed $10 million towards the purchase of petroleum products under this joint venture, a sum it asserts “remains with Petraco to date.”
Frank Owusu, a Director at GMP, signed the letter and pushed back against suggestions of impropriety, asserting that the company’s dealings were transparent. “There is no element of criminality,” GMP stated, adding that the dispute is currently before an arbitration tribunal in Dubai. The company is also considering filing a counterclaim.
Disputed Pricing and Audit Concerns
GMP alleges that the crux of the dispute lies in Petraco’s failure to disclose the purchase prices for petroleum products procured for the joint venture. Conversely, GMP claims it transparently disclosed its sale prices to its counterpart throughout their engagement.
The company argues that this lack of reciprocal financial transparency prompted GMP to request a formal audit or reconciliation to ensure equitable profit-sharing. GMP noted that this audit “remains outstanding.”
GMP maintains that this unresolved financial disclosure, rather than any fraudulent concealment or criminal intent, is the true origin of the disagreement.
Rejection of Criminal Framing
The company expressed concern over media reports linking the joint venture disagreement to alleged fraud, stating that an initial report by NorvanReports on the EOCO petition “wrongly suggests misconduct by GMP.”
“We expect you to correct the misleading and damaging impression your story has created,” the letter read. “Going forward, we urge you to approach such matters with greater context, accuracy, and fairness.”
GMP confirmed that the matter is subject to formal arbitration in Dubai, with both parties’ legal representatives preparing for proceedings. The company also disclosed its consideration of a counterclaim and its continued demand for a third-party audit of the joint venture’s accounts and performance.
This stance aligns with parts of a whistleblower petition, which indicates that ongoing civil proceedings have been cited by some parties as a reason to delay or halt potential criminal investigations in Ghana.
With separate responses issued by GMP and Springfield Exploration & Production Ltd, both rejecting the petition’s core allegations, the situation has become a significant legal and reputational standoff. EOCO has not yet confirmed whether a formal criminal investigation has been initiated.
The broader implications of this dispute are considerable for Ghana’s petroleum sector, particularly concerning foreign investor confidence, contractual enforcement, and regulatory credibility.
Godwin Owusu Frimpong
