The company, in a detailed response, challenges the Fourth Estate to provide evidence supporting the alleged 10-year contract period and the annual payment of $100 million, both of which SML vehemently denies.
SML asserts that the contract duration approved by the 5th PPA Board is five years, not 10, emphasizing the need for accurate information in the public domain. Moreover, the company refutes the $100 million annual payment claim, clarifying that its upstream operations are yet to begin, and therefore, no revenue has been realized.
In a point-by-point rebuttal, SML addresses the accusations of a risk-reward contract with GRA (Ghana Revenue Authority). The company emphasizes that GRA invests nothing in the investment chain, underscoring its commitment to paying duties and taxes. SML challenges critics to produce evidence of wrongdoing in their contract arrangements and asserts that 31% of its would-be monthly earnings go to GRA as taxes, complying with the law.
The company defends its charging formula as an industry standard and points out its significant contribution to the downstream petroleum sector. SML highlights a remarkable increase in reported figures, indicating a rise of over 33% in volume reporting and an additional 100 million liters per month, translating into revenue.
SML sheds light on its technological advancements, including ultrasonic flow meters and an automatic tank gauging system, aimed at ensuring accuracy and efficiency in monitoring petroleum product movements. These measures, the company contends, contribute to revenue assurance and auditing in the industry.
In concluding remarks, SML expresses pride in its technical team, citing their diverse expertise and contribution to innovative solutions. Additionally, the company acknowledges challenges posed by a cartel in the oil ring involved in illegal trade, suggesting a broader context for the allegations. SML positions itself as a key player collapsing illegal operations and supporting the government's fight against illegalities in the petroleum sector.