Ghanaian energy firm GMP has dismissed recent allegations linked to a petition filed by Petraco Energies DMCC to the Economic and Organised Crime Office (EOCO), describing them as unfounded and misleading.

According to GMP, the dispute arises from a commercial disagreement within a 50/50 profit-and-loss sharing joint venture with Petraco Energies DMCC—not Petraco Oil Company SA, as mistakenly reported in some media outlets.

The company explained that it advanced \$10 million to Petraco for petroleum product procurement and maintained transparency by disclosing sales prices. However, Petraco allegedly failed to provide detailed purchase cost information and ignored repeated requests for formal auditing of key expenses like freight and hedging, leaving significant elements unverified.

GMP emphasized that the accusations lack evidence of fraud or criminal conduct, insisting that the issue is purely commercial and currently under arbitration in Dubai. The company is pursuing a counterclaim while demanding full accountability from its joint venture partner.

Expressing concern over the impact of unbalanced media reports based solely on the petition, GMP cautioned against the circulation of false narratives that could damage its reputation. The firm also warned that it would take legal action against any party spreading defamatory or inaccurate information.

GMP urged the media to adhere to professional standards of fairness and accuracy, especially given the ongoing nature of the legal proceedings between the two companies.