GOIL sets targets to dominate downstream oil industry

Accra, May 2, GNA – The Ghana Oil Company Limited (GOIL) has set pragmatic targets to dominate the downstream oil industry to ensure that Ghanaian oil marketing companies took control of the industry.

As part of the broad mechanism, GOIL has set up a GOENERGY Company Limited which is a Bulk Oil Distribution Company (BDC) with the objective of ensuring availability and stability of fuel supply in the country.

During the last quarter of last year, GOIL, through its BDC-GOENERGY in collaboration with Bulk Oil Storage and Transportation (BOST), ensured improvement of fuel supply in the country.

Mr Patrick Akpe Kwame Akorli, the GOIL Managing Director, in an interview with the Ghana News Agency on the sidelines of its 46 Annual General Meeting (AGM) in Accra, said the company increased its retail network with additional 14 company-owned and five venture stations.

He said: ‘We are focused on the vision to be a world-class provider of goods and services in the petroleum and other areas of the energy industry as our geographical spread places us first in terms of the distribution of petroleum products whilst our networks enables GOIL products to reach virtually all parts of the country.

‘GOIL remains one of the forerunners in the state-owned enterprises sector and the petroleum industry in general’.

Other initiatives includes achieving International Organisation for Standardisation (ISO) 9001:2008 Certification which ensured the strengthening of GOIL’s internal control structures to guard its assets; and construction of a fuel storage tank farm at Sekondi Naval Base to boost the bunkering business.

Mr Akorli said as part of the broader measures to ensure dominance in the downstream oil industry, GOIL was strictly enforcing a national policy of maintenance of high standards at the forecourt of its 204 stations across the country.

Mr Akorli, who is also known as Togbe Adza-Nye IV, Dutorfia of Ziavi in the Volta Region, said other measures included marketing of quality petroleum and other energy products and services in all its branches in an ethical, healthy, safe, and environmentally friendly and socially responsible manner.

He said GOIL would continue to produce and manufacture goods or provide services which enhanced or supported the marketing, distribution and sale of the company’s products and services.

Mr Akorli maintained that professionally trained, high quality, and motivated workforce working as a team in an environment which recognised and rewards performance, innovation/creativity, and provided for personal growth and development formed the key for transforming the company.

Professor William A. Asomaning, GOIL Board Chairman, said at the AGM that the company was on a growth path in spite of global challenges.

He said GOIL embarked on expansion strategies with the setting up of aviation fueling facility at the Kumasi Airport to ensure that; ‘GOIL consolidates its position in the local aviation market”.

He said GOIL had also rolled-out mechanisms towards gaining more control in the supply of fuel to mining, oil exploration and production, road construction and shipping companies.

Prof. Asomaning, who chaired the AGM, said: ‘GOIL will continue with capital investments in areas where there are potential for higher margins’.

He commended the various stakeholders for their contribution towards the success story of a local company.

The company has maintained its market leadership in gasoline, premix, LPG, bunkering and lubricants since 2002 and has respectable positions in all other products it marketed.

As part of GOIL’s social responsibility and consciousness, the company contributes in diverse ways to various organisations whilst constructing a number of bore-holes to communities across the country.

The company made various donations towards the development of sports, health and education among other disciplines.

The AGM appointed Alhaji Abdul Razak El-Alawa, a journalist; and Mr Damian Yelbonkang Zaato, an accountant, as Board Members to replace Mr Kojo Bonsu, the Chief Executive Officer of Kumasi Metropolitan Authority and Nii Laryea Afotey Agbo, the Greater Accra Regional Minister, who retires from the GOIL Board of Directorship.

The AGM also re-elected Mr Chris A. Ackummey, Mr Thomas Kofi Manu, and Mr Eugene Akoto-Bamfo as Board of Directors.


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