The Ghana Oil Company Limited (GOIL) has set May 18 for its 48th Annual General Meeting of Shareholders, to receive and consider the reports of the Auditors Financial Statements for the year, which ended December 31, 2016.

“The Board of Directors of GOIL shall propose the acceptance of the 2016 Accounts as the true and fair view of the state of affairs of the Company for the year, which ended December 31, 2016 and of its performance for the year.

“The Directors shall recommend the payment of a dividend and replace seven members of the Board.

“They are five Government Representatives and two representatives of Social Security and National Insurance Trust who are due for retirement,” Nana Ama Kusi-Appouh, Company Secretary stated in a notice issued to all shareholders and made available to the Ghana News Agency in Accra on Monday.

The GOIL notice also directed shareholders who want to vote by a proxy to complete the appropriate form and deposit at the Registered Office, not less than 48 hours before the appointed time of the AGM.

“Failure to submit the forms before the 48 hours deadline will result in the Proxy not being admitted to or participate in the AGM”.

Meanwhile Mr Gyamfi Amanquah, Chief Operating Officer of Goenergy Company Limited (Goenergy) subsidiary of GOIL told the GNA that GOIL with the establishment of Goenergy has made significant strides in transforming itself from a near-moribund state enterprise to become the number one Oil Marketing giant in the country.

He said Goenergy in collaboration with its parent company GOIL had ensured that customers paid realistic pump prices and that customers had value for money.

Mr Amanquah said Goenergy would continue to play a leading role in the bulk distribution sector to protect the interest of government in the de-regulated environment.

He said Goenergy will continue to play a balancing role in the supply of bulk petroleum fuels in the country.

“Prior to the establishment of Goenergy, the Chamber of Bulk Oil Distributors had an unbreakable power which threatened and sometimes successfully created artificial fuel shortages in the country by holding on to discharging fuel cargoes.

“This was to exert pressure on government to settle overdue payments to Bulk Distribution Companies or claim extra premiums under emergency cargo,” Mr Amanquah said.

He said it was in the interest of the state that local companies took control of the downstream petroleum sector; “we need the support of patriotic Ghanaian consumers in order to ward off the dominance of hostile multinational companies to avoid an undue hiking of petroleum fuel prices”.

Mr Amentor Aziakor, Goenergy Operations and Marketing Manager also noted that Goenergy is projecting a strong corporate brand to promote the company and hold the Ghanaian identity.

He said “we are placing emphasis on excellent service delivery and commitment to attaining the highest levels of sustainable management in health, safety, environment and security performances”.

He said Goenergy would also engage Oil Trading Companies to continue selling in “Tankers” to reduce cost of the products to consumers whilst collaborating with Bulk Oil Storage and Transportation Company Limited (BOST) to eliminate the need for Letters of Credit.