GOIL, the national oil marketing company, remained on course in the retail business through competitive pricing, offering quality products, offering value for fuel purchased, and maintaining a high level of visibility with the strategic spread of its stations.

Board of Directors of GOIL
Board of Directors of GOIL

This was announced by Professor William A. Asomaning, Chairman of GOIL Board of Directors, at the 47th Annual General Meeting of GOIL shareholders.

He said a dividend of 0.025 per share amounting to GH₡6,305,587 for the year ending December 31 2015 was made adding that the company’s profit after tax grew by 10.4 per cent up from GH₡20.1 million in 2014 to GH₡22.2 million in 2015.

He said the company also made a group profit after tax of GH₡39.6 million for 2015.

Prof Asomaning said GOIL LPG and lubricant sales went up by 6 per cent and 12 per cent respectively compared to the same period last year.

In accordance with section 298 of the companies Act 1963, Act 179 and Regulation 88 of the Company’s Regulation, Mr Kwesi Yankah, Madam Faustina Nelson, and Mr Damian Y. Zaato who were retiring by rotation but eligible for re-election were unanimously retained.

The shareholders also in accordance with section 134 (6a) and 134 (11a) of the Companies Act 1963, Act 179, retained Messrs Pannell Kerr Forster as GOIL Auditors.

Prof Asomaning said GOIL would continue to focus on growing its core business through value-added joint venture engagements, take-over of distressed competitor stations and acquisition of new stations.

He said in June 2015, when the other Bulk Distribution Companies were finding it difficult to import finished petroleum products into the country, BOST together with GOENERGY (a subsidiary of GOIL) rose up to save the situation.

“As a result of our efforts, the country did not experience any significant fuel shortage…once again GOENERGY’s contribution to the implementation of the deregulation exercise in the country is a success story we can all share,” he said.

He said notwithstanding unreliable product supply within the year, GOIL managed to increase LPG sales through competitive pricing and increased investment in new filling station plants.

Prof Asomaning said lubricant sales also moved up as a result of the adoption of an appropriate competitive pricing policy, maintenance of quality of products and expansion of distribution outlets.

Mr Patrick Kwame Akpe Akorli, GOIL Managing Director, in an interview with the Ghana News Agency on the sideline of the Shareholders meeting, said GOIL would continue to pursue its long term goal of expanding services regarding the sale of Marine Gas Oil (MGO) by commencing the construction of a storage facility at the Takoradi harbor.

He said an additional storage tank was also put at the Sekondi Naval Base to boost the existing capacity; “This is in anticipation of Takoradi becoming a hub for future oil bunkering activities”.

He said GOIL in 2013 initiated the construction of an aviation facility at the Kumasi Airport as a response to demands of the local airlines in Ghana to be able to fly from Accra through Kumasi where they will refuel.

“I am happy to announce that the project is completed and Africa World Airline has been using this facility to fly four times a week between Accra, Kumasi and Tamale since April 2016,” he said.

He said GOIL has also intensified efforts in empowering its workforce relating to the handling of the business through training and attendance of seminars organized by reputable institutions across the world.

“As part of enhancing the company’s knowledge in the oil business, members of staff were sent abroad to understudy indigenous oil companies. GOIL trained and continues to train young members of staff in disciplines that will enable implementation of effective succession planning,” he said.

GOIL, by a shareholders resolution passed on August 1, 2007, adopted new regulations and was converted into a public company.

The Government of Ghana, in 1974, acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited.

By a special resolution in 1976 the name of the company was changed to Ghana Oil Company Limited.

Between 2010 and 2012 the Company underwent a transformation process aimed at changing its logo, station outlook, and the corporate culture which was dubbed “Good Energy comes with a Smile”.

Though its main business is marketing and distribution of petroleum products in Ghana, one of the tenets of the new GOIL is to move beyond the current frontiers to marketing and distribution of energy products.

By Francis Ameyibor, GNA

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