BusinessOil & Gas/Mining

We’re not entering into revenue assurance contract with NPA, says HFIELDS chairman

Hosi explains HFIELDS has rather developed an end-to-end primary supply assurance and management systems dubbed STOCKTRACK to deepen transparency in the supply chain in the petroleum downstream sector

The board chairman of HFIELDS Limited, Senyo Hosi has dismissed reports suggesting his outfit is entering into a revenue assurance contract with the regulator of the petroleum downstream sector, the National Petroleum Authority (NPA)

Hosi explains HFIELDS has rather developed an end-to-end primary supply assurance and management systems dubbed STOCKTRACK to deepen transparency in the supply chain in the petroleum downstream.

The technology aims to provide a tailored solution to meet the needs of all stakeholders in terms of ensuring visibility and supplies of petroleum products into the country including stock monitoring and management as well as addressing risks associated with the supply, trading and financing of petroleum products.

The system is currently being studied by the Ministry of Energy.

Addressing the media in Accra on Tuesday (28 May), Hosi said the system which will not cost government any money adding that stakeholders such as banks and international oil traders will rather pay for using the system.

“We consulted everybody to redesign what we have now, so at the meeting it was quite obvious, the banks can wait for us to start.”

“The system was originally envisaged more because of the financiers and trying to ensure we de-risk, it was meant to be pure private sector thing, but to make sure the data integrity is sacrosanct, we also need information to ensure everybody uses it,” he said.

“And government has better enforceability, so we also did extra adjustment.  We added more modules to create better supply assurance to government as well and for visibility. Government will contract it but government is not the one going to pay for by those benefitting … ” Hosi said.

Listen to Senyo Hosi in the attached audio clip below:

Reporting by Fred Dzakpata in Accra

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