Hon. Alhagie S. Darboe, the chairperson of the committee stated that the testimony of the two permanent secretaries at the Ministry of Finance and Economic Affairs revealed inconsistencies in petroleum sector oversight, specifically regarding ullage allocation, policy scrutiny, and liberalisation efforts.
He said the findings point the weaknesses in inter-ministerial coordination, questionable shifts in practice, and lapses in due diligence regarding pricing structures and depot operations.
He further outlined that the testimonies received from the two permanent secretaries of the Ministry of Finance & Economic Affairs indicated that the sole issuance of ullage space to the international traders (Apogee FZC) was not the normal practice in the petroleum sector.
He added that the investigation also revealed that the idea of giving exclusive ullage space to an international trader, e.g Apogee FZC, indicates biased decision-making.
“The testimonies also revealed that the said new policy commissioned by the former Minister of Petroleum and Energy did not go through the normal process and procedures of ministerial policy document.”
Hon. Darboe also disclosed that the PS clarified that ullage applications—which relate to requests for storage capacity— are submitted by OMCs, not international traders.
“OMCs must also indicate the volume of petroleum product they wish to store. He added that the responsibility for licensing was transferred to the Ministry of Petroleum in 2021.
He revealed that in his testimony, the PS informed the Committee that the Ministry of Finance holds a 3% shareholding in Gam-Petroleum. The Committee therefore requested a copy of the Ministry’s share certificate as evidence of its equity stake.
