Oil Chamber To Grab Debtors


Senyo Hosi, Chief Executive Officer (CEO) of the Chamber of Bulk Oil Distribution Companies, says his outfit is ready to pursue Oil Marketing Companies (OMCs) and other entities that owe it huge amounts of money.

According to him, the chamber has taken the decision because of OMCs’ huge indebtedness to the chamber.

Currently, it is difficult for BDCs to access letters of credit from their bankers and that is adversely affecting their businesses.

He stated that sometime back, oil distribution companies allowed oil marketing companies to receive consignments and pay back after two days but that was extended to two weeks.

‘People are currently abusing the privilege of buying on credit. Even the rail companies are owing us and if you owe and you don’t pay, how do you expect to be served again? If they don’t pay us, we cannot go and bring the product for people to buy.

‘In all of this, we always consider the plight of the ordinary consumer and the suffering they go through without the product. That is why even as we speak, we are chasing everybody that owes us any amount of money to pay up so that we can continue to serve the good people of this country.’

OMCs are the second largest debtors of BDCs apart from government.

He said the chamber was considering a credit policy that will control and rationalize credit procedures to promote efficiency.

He advised all defaulting companies to settle their debts to the chamber and its allied institutions or face sanctions.

BY Samuel Boadi

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