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Tag: Bulk Oil Storage and Transportation Company Limited

  • Accra Academy receives 550 desks from BOST

    Accra Academy receives 550 desks from BOST

    In order to address infrastructure gaps at Accra Academy Senior High School, the Bulk Oil Storage and Transportation Company Limited (BOST) has provided 550 desks to the school.

    The donation was in response to an appeal made by the Accra Academy Old Boys Association (AAOBA).

    At a brief ceremony to present the desks to the school last Friday, the General Manager of Corporate Communications and External Affairs of BOST, Marlick Adjei, said the donation was part of the organisation’s corporate social responsibility towards the community.

    “BOST, a company responsible for importing storing and distributing petroleum products to meet the demands of the nation, is committed to contributing towards the future of the country, especially in the education sector as it is the objective of the organisation to uproot poverty in the country,” he said.

    Mr Adjei said investing in the human resource base of the country would help improve the lives of citizens.

    He expressed the hope that the items would go a long way to enhance the academic work of students and help to generate the next batch of leaders in the country.

    The President of the Accra Academy Old Boys Association (AAOBA), Kofi Amoa-Awuah, commended BOST for responding to the request and expressed the hope that it would help close the infrastructure gap in the school.

    He added that the association was working to reach to other AAOBA members to support their alma matter.

    Mr Amoa-Awuah, therefore, urged the headmaster and management of the school to ensure that all items donated were well maintained in order to encourage others, especially the alumni’s to emulate such gesture.

    Yaw Antwi-Dadzie (right), Corporate Social Responsibility Manager, BOST, and other staff of BOST planting trees at the premises of the APD Depot of BOST in Tema. Pictures: EDNA SALVO-KOTEY

    Appreciation, more support

    The Headmaster for Accra Academy, Emmanuel Ofoe Fiemawhle, who received the items, expressed gratitude to the management and representatives of BOST and also to AAOBA for the gesture.

    He added that the initiative constituted some of the basic needs of the school.

    Mr Fiemawhle said the school needed support for  more beds, desks, classrooms as well as  the extension of the dinner hall and, therefore, appealed to other well-meaning organisations to support in that regard.

    “The dining hall is small to contain all the students.

    It can take about 1,000 students, but we have over 3,000 students who are boarders, so they are forced to have their meals in batches,” the headmaster pointed out. 

    Tree planting

    Prior to the donation, BOST planted 100 tree seedlings as part of the national tree planting exercise, the Green Ghana Day.

    The seedlings were to provide shade and aesthetic beauty for the company’s Tema depot.

    The Manager of Corporate Social Responsibility, Government Relations and Protocol of BOST, Yaw Antwi-Dadzie, said the exercise was to contribute to environmental sustainability issues.

    “We are aware of the benefits that planting of trees will bring to our organisation that was why we engaged in this project to save our climate and our world.

    We are much concerned about the environment,” he said.

  • Gold for oil: A second consignment of 152,000 metric tonnes is expected to arrive on February 19

    Gold for oil: A second consignment of 152,000 metric tonnes is expected to arrive on February 19

    The Managing Director of Bulk Oil Storage and Transportation Company Limited, (BOST), Edwin Provencal, has revealed that the second consignment of fuel from the gold for oil policy will start arriving in Ghana on February 19, 2023.

    He detailed that “We are expecting a total of 152,000 metric tonnes, made up of 80,000 gasoil (diesel) and 72,000 gasoline(petrol).”

    In terms of sharing, he added that a regulator is in charge of that arrangement to ensure that there is equity and fairness in the distribution.

    Edwin added that the new consignment may have some effects as some BDCs have already made orders for the oil.

    “We’ve had demand orders from 18 Bulk oil Distribution Companies totaling almost 114,000 metric tonnes. You’ve seen that since the first consignment came, GOIL has reduced its prices from almost 15 cedis to 14.90, this should tell you that Ghanaians who are not in a good place today, will have some respite with respect to a reduction in energy prices and its attendant benefits on inflation,” he told JoyNews on February 17, 2023.

    The first consignment of the gold for oil programme arrived in Ghana on January 16, 2023, with about 40,000 metric tonnes.

    This was just about 25% of the country’s fuel needs. According to the government, the programme is to alleviate the current economic hardship by reducing fuel prices.

    However, the impact has not been felt in the prices of fuel at the pumps.

  • BOST predicts GHS1 reduction in prices of petrol

    BOST predicts GHS1 reduction in prices of petrol

    Managing Director of the Bulk Oil Storage and Transportation Company Limited, Edwin Provencal, has hinted at a reduction in the price of fuel.

    He says Ghanaians should anticipate at least a decrease of GHS 1 decrease in pricing at the pumps.

    Speaking on the development, he explained that the reduction will depend on the delivery of additional consignment of gasoline and diesel from government’s Gold-for-Oil policy.

    The BOST MD stated that “the first consignment of the diesel has arrived in the nation, and we are looking at bringing two cargoes of gasoline and two cargoes for diesel for February” in an interview with Accra-based Asaase Radio, which GhanaWeb Business was listening to.

    “In March, we will ramp it up to five cargoes and depending on how the economic indicators work out in the country where demand and supply will determine how whether we ramp it up to more cargoes…but I can tell you for a fact that we are working on the pricing with the National Petroleum Authority where there will be a huge reduction of at least GH¢1 at the pumps for petrol.”

    Touching further on a possible reduction for diesel, Edwin Provencal said that although a 50 pesewas reduction has taken effect in the first pricing window of February [2023], consumers should further expect some reduction in the price of the commodity.

    Meanwhile, prices of petroleum products have begun to surge at various pumps across the country again after the appreciation of the cedi against the dollar during the 2022 festive season into the New Year.

    Government however believes that the full implementation of its Gold-for-Oil programme would help address the cedi’s depreciation against the US dollar as well as allow consumers to purchase fuel at reduced prices.

  • Formulate framework for gold for oil policy – CBOD to govt

    Formulate framework for gold for oil policy – CBOD to govt

    The Chamber for Bulk Oil Distributors (CBODs) wants government to urgently develop a framework to direct the gold-for-oil policy to prevent unfair treatment.

    Some members of the chamber have already been engaging the Bulk Oil Storage and Transportation Company Limited (BOST), to access the product, a week after the government received the first consignment under the arrangement.

    But speaking to Citi News, CEO of the chamber, Dr. Patrick Kwaku Ofori, indicated that the framework is needed to avoid discrimination.

    “I think the first consignment has already been there, some of our members were already trading with BOST. Those who already have an existing arrangement with government I think something can be done. Because we are looking forward to a potential or proper framework that will guide the whole process.

    “I know the regulator met to solicit our views in terms of ensuring that they create a level playing field so that nobody is actually disadvantaged. And also the gains from the pricing advantage that can happen through the process can also trigger down to the pumps,” Dr. Patrick Kwaku Ofori opined.

    Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.

    The move by the government is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

  • Watch how some Ghanaians siphoned gas oil from a broken BOST pipeline

    One of the gas oil pipelines of the Bulk Oil Storage and Transportation Company Limited (BOST) leading to its facility at Mami Water, a community in the Volta Region has reportedly been damaged.

    A viral video sighted by GhanaWeb showed some Ghanaians siphoning the gas oil that was pouring out from the damaged pipeline.

    They were captured holding gallons and barrels in long queues, waiting to take their and fill their containers with the gas oil.

    Journalist, Johnnie Hughes also shared the video with the caption: “Happening Now: Burst BOST pipeline at Maame Water. Siphoning ongoing”.

    Some of the onlookers in the video could be heard saying that they were going to bring more gallons.

    Meanwhile, some Twitter users are questioning why the residents who were siphoning the fuel and not running for their lives since the situation could quickly turn into a disaster.

    BOST’s Mami Water facility has the capacity to store 8,000 cubic metres of gasoline and 9,000 cubic metres of gas oil.

    Source: Ghanaweb

  • Liquid substance was a sludge from pressure testing – BOST on purported diesel leakage

    The Bulk Oil Storage and Transportation Company Limited (BOST) has discounted claims that a liquid substance that was said to have leaked from one of its pipelines located in the Eastern region was diesel oil.

    This comes after a viral video shared on social media showed residents living in the Atimpoku area siphoning the substance after the pipeline located at BOST’s ‘Maame Water’ depot was reportedly damaged.

    BOST in a statement issued on December 18 however clarified that the reported liquid was a sludge consisting of water, dirt and fuel residue which was spilled following a pressure testing undertaken on a refurbished pipeline.

    “The pipeline had been decommissioned from 2015 due to vandalism of the line by unknown assailants. This resulted in BOST resorting to the use of Bulk Road Vehicles, popularly known as tankers in the haulage of petroleum Products from the Tema to the Akosombo Depot for onward transmission using river badges to the Buipe Depot in northern Ghana.”

    “Repair works on the pipeline commenced a year ago and was expected to be completed by the third quarter of the year 2022. Due to the impact of the construction of the Railway Line from Tema to Mpakadan in the Volta region, the line had to be re-routed which affected the completion time,” it explained.

    BOST further noted that it commissioned the installation of a leak and intrusion detection system on the line for the safety and security of its operations after it was recommissioned.

    “For a proper assessment of the degree of damage at the commencement of the repair works, water was pumped up the line to help with the full detection of all leakages for repairs.”

    “After the repair works, the company carried out a pressure testing of the line to be sure all the leakages detected have been rectified. It is this pressure testing which resulted in the pushout of a sludge in the Maame Water area which is being reported in the media. The sludge is a combination of water, dirt and fuel residue formed in the pipeline which was pushed out in the pressure testing,” BOST explained.

    It also emphasized that the tanks at the Maame Water depot have been empty over the last couple of years adding that BOST had not pumped products up the pipeline since the repair works are yet to be fully completed for a hand-over and recommissioning.

    “The exposed content of the line due to the testing has been foamed by the BOST Team with support from the Ghana National Fire Service and works are underway to ensure a clean-up of the area of the spillage,” the statement added.

    The company also assured that has been zero environmental impact as the spilled slop was contained within the drains in the area which happened to be choked.

    “There was no spillage into the waterbodies around the area including the Volta Lake. The spills in the drains have been recovered with the support of the BOST team which has been on site since morning,” it noted.

    The oil storage and transportation company however assured the public that the situation is under control adding that there are no financial cost implications of the said spillage since same was carried out to check the integrity of the repaired pipeline.

     

  • BOST to leverage on $970 million petroleum re-export market in West Africa

    According to The Bulk Oil Storage and Transportation Company Limited (BOST), it is positioned itself to benefit from the West African sub-US$970 region’s million petroleum re-export market.

    As a result, the nation will be able to raise more money to offset the weakening cedi and boost the company’s profitability.

    BOST currently has enough strategic petroleum reserves to last the nation 50 to 55 days.

    Edwin Alfred Provencal, Managing Director of BOST, announced this in Accra on Wednesday when he took his turn at a press briefing dubbed “The Minister’s Press Briefing.”

    The MD of BOST said he took over the affairs of the Company in 2017 when it was in financial turmoil, owing foreign suppliers up to $624 million, loan indebtedness to domestic banks up to GHc416 million and Bulk Distribution Companies (BDCs) up to $37 million.

    Also, the majority of its network of infrastructure including farm tanks, barges and pipelines were dysfunctional due to lack of maintenance, thus crippling its sources of revenue generation.

    However, Mr. Provencal said with efficient operational management, coupled with a GHc30 million loan support from the National Petroleum Authority and BOST margin increase from three to six pesewas, BOST paid the $624 million trade liability to its foreign suppliers and made about GHC460 million profit after tax in 2021.

    Moving forward in its business portfolio in the coming years, the MD of BOST said, it would move from just enhancing operational excellence towards aggressive growth in the business of transporting petroleum products across the country as well as to the landlocked nations like Burkina Faso, Mali and Niger to improve its sustainability and profitability.

    More so, it would embark on rebranding of its corporate image, improve its corporate culture and human capital development as well as strengthen its trade partnerships.

    Mr. Provencal noted that with support from the Ministry of Energy, petroleum hub facilities for storage purposes were being installed in the Western Region, while a-12-inch pipelines would be installed from Tema to Akosombo to improve the volumes of petroleum products from Tema Oil Refinery.

    He gave the assurance that the rehabilitation of its dilapidated farm tanks and upgrading of depots would continue across the country in 2023.

    Also, all individuals found culpable for various financial malfeasance after the audit of its financial statements either resigned or undergoing disciplinary action.

    He gave the assurance that the company had instituted stringent measures to avert future contamination of its petroleum products.

  • Accelerate investments in technology to speed up renewables revolution – Dr Acquaye

    Dr. Godwin Acquaye, the Chief Executive Officer (CEO) of the Business and Financial Times (B&FT), has urged an acceleration of investments in technology, ideas, laws, and regulations to hasten Africa’s transition to renewable energy.

    The importance of initiatives and strategies to use regional trade integration to strengthen the energy sector and improve utilization of the regions abundant renewable energy resources to meet the enormous demand is becoming increasingly recognized, he said, as the world rushes to meet the Sustainable Development Goals (SDGs) by 2030.

    “Our collective aspiration must be high and we should drive for universal access to energy in Africa by 2030 as the World Bank projects. For this to happen, countries will need to scale up on-going efforts in the energy sector, institute a stronger political will and we as partners must work,” Dr. Acquaye added during his welcome address at the ongoing Africa Energy Conference 2022.

    Citing a February 2015 report by McKinsey & Company, Dr. Acquaye said Africa has an extraordinary reserve of untapped energy potential, including an estimated 10 terawatts of potential solar energy, 350 gigawatts of hydroelectric power, 110 gigawatts of wind power, and an additional 15 gigawatts of geothermal energy.

    With these immense resources, “Africa should accelerate investments in technology, innovations, policies and regulations to speed up a renewables revolution. Africa cannot power its homes or businesses with potential. Africa must utilize its huge renewable energy potential and combine this with conventional energy to light up and power Africa,” he declared.

    The maiden edition focuses on highlighting the infrastructure gap, financing options and energy transition opportunities in the Africa energy sector and will be held under the theme, Africa’s energy future – achieving an all-round competitiveness and sustainability to support the continent’s development ambitions.

    The Africa Energy Conference is a strategic platform powered by the Business & Financial Times Limited (B&FT) and supported by GCB Bank, Sethi Brothers Ghana Limited, Bulk Oil Storage and Transportation Company Limited (BOST), Volta River Authority (VRA), Arthur Energy Partners and Nuclear Power Ghana.