GMP is pushing back against what it calls a wave of misleading media reports based on a petition allegedly filed by Petraco Energies DMCC with the Economic and Organised Crime Office (EOCO).
It said the fraud allegations are “spurious, baseless, and grossly misleading.”
In a statement, the company insisted that the claims being peddled are nothing more than a deliberate distortion of a commercial disagreement between two joint venture partners.
“They mischaracterise what is, in fact, a straightforward commercial disagreement between two joint venture partners,” GMP stated.
The company clarified that it entered into a 50/50 Profit and Loss Sharing Joint Venture Agreement with Petraco Energies DMCC—not Petraco Oil Company SA as some reports have incorrectly suggested.
Under the agreement, GMP transferred $10 million to Petraco for the procurement of petroleum products. That money, according to GMP, is still with Petraco.
Tensions escalated, GMP said, because Petraco failed to disclose purchase prices for the products it procured, even though GMP fully disclosed its sale prices.
“Concerned by this imbalance, GMP repeatedly demanded a formal audit of all transactions, particularly the unreasonably high-cost components on freight and hedging amongst others, to fairly redetermine the JV’s profit and reconcile our share,” the company said.
The audit, GMP noted, has not been conducted. Neither Petraco nor EDURC Company DMCC, an entity introduced by Petraco to assume entitlements under each cargo, has complied with the audit request.
GMP described the entire affair as a business dispute, not a criminal matter.
“There is no element of fraud or criminal conduct, as alleged,” the company maintained.
The matter is now the subject of arbitration in Dubai, where GMP is seeking full accountability and considering a counterclaim.
However, the company is deeply concerned that parts of the media have chosen to report “solely on unverified claims in a self-serving petition” without seeking its side of the story.
“These stories, often published without the necessary context, have created a false and damaging narrative and offered detractors an opening to malign GMP’s reputation,” the company warned.
GMP said it has made its officials available to explain the facts to journalists and editors. While some have welcomed the clarification, others continue to “push a distorted version of events.”
The company urged the media to adhere to the principles of fairness and responsible journalism, especially in matters under legal or arbitral proceedings.
It added that it would not hesitate to take legal action against individuals or organisations that continue to publish defamatory or misleading content aimed at damaging its image.
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