GOIL serves as national petroleum sector shock absorber

Francis Ameyibor, GNA  

Accra, Oct. 23, GNA – The Ghana Oil Company
Limited (GOIL), the nation’s foremost indigenous oil marketing company, has
been tagged as the country’s energy sector shock absorber mitigating the impact
of increment in fuel prices.

Mr Alex Josiah Adzew, the GOIL Chief Operating
Officer, told the Ghana News Agency in an interview on Tuesday that since the
adoption of the deregulated regime, GOIL has always served as a measuring point
for the other Oil Marketing Companies (OMCs).

“Major OMCs monitor and adjust their pricing
window based on GOIL’s quotation. As a result, we have saved the nation from
falling into the hands of cartels who would have manipulated and taken the
nation for a ride with price hike,” he said.

“Pricing is key as what happens in the
industry depends largely on the international market plus or minus local
financial indicators such as the strength of the cedi to the dollar, levies and
taxes as well as other prevailing conditions.”

Mr Adzew, however, assured the motoring and
investor community as well as shareholders that in spite of the challenges and
unpredictability of the international crude prices, the management has adopted
prudent mechanisms to maintain its positive prospects.

He said GOIL had undertaken huge investments
in the retail sector, which would continue to yield dividend for investors.

The investments focus on the roll-out of new
service stations and face-lifting of existing ones, which are all geared
towards maintaining a leading role in the downstream sector.

He said in addition to expanding through the
retail sector, “GOIL is also expanding to other areas, especially the bitumen
and bunkering sectors.

“We now have a 13.5 million litre capacity
Marine Gas Oil (MGO) Storage Facility at the Takoradi Habour to meet
anticipated demand as a result of the expansion of the Habour,” he said.

Mr Adzew noted that with the completion of the
MGO, which is serving as the hub for bunkering activities along the coast,
“GOIL is systematically expanding its network.”

“This will bring revenue and position GOIL as
a global player in the bunkering business, which will be to the advantage of
the investor community, shareholders and the nation”.

He assured customers and the general public
that the company will continue to deliver quality products and services that
meet customer satisfaction.

The GOIL Chief Operating Officer explained
that the company, over the past decade, has recorded key milestones, which have
resulted in several accomplishments.

He said the first significant step was the
restructuring of GOIL from state-owned into a public-listed entity, on the
Ghana Stock Exchange, through the visionary leadership of the Board of
Directors, Management and the commitment of workers.

He said as part a strategy in 2008 to boost
its market base, the company secured the contract to supply fuel for the
construction of the Bui Dam.

Mr Adzew said in 2009 the downstream petroleum
sector witnessed heightened competition as the number of OMCs increased,
adding; “GOIL responded to the competition with the introduction of two
differentiated products – Diesel XP and Super XP.”

“In the same year GOIL’s efforts to enter into
the Aviation Industry was crystallized with the setup of GOIL Aviation. We also
took advantage of the oil find and started providing services for the Oil and
Gas Exploration and Production companies, supplying Marine Gasoil and JET A1
for helicopters to the Oil Rig”.

He said between 2010 and 2012, the company
underwent a transformation process aimed at changing its logo, station outlook
and most importantly the corporate culture, which was dubbed: “Good Energy
comes with a Smile”.

Mr Adzew said GOIL believed in the potential
of the indigenous Ghanaian, and as company; “We will continue to showcase the
ability of local entrepreneurs’ capacity to contribute to the building of this

“Ghanaians should also reciprocate and support
local companies by patronising our products and services. This is the only way
we can empower local companies to meet the competition being offered by the

“Ghanaians must take firm control of the
economy. And I challenge local leaders to exhibit high sense of patriotism and
commit to building Ghana”.


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