GOIL sets target for 2017
Ghana Oil Company Limited (GOIL) has set out strategic oil industrial revolution roadmap to ensure that indigenous Oil Marketing Companies (OMCs) dominate the downstream oil sector in 2017.
The GOIL Indigenous Industrial Revolution roadmap seeks to focus on building a 13.5 million litre Marine Gas Oil (MGO) tanks at the expanded Takoradi harbour, which will open avenues for big vessel bunkering.
“We will also start the actual construction of a new bitumen depot at Tema. Pursue visible branding strategy with more vigor and continuously improve GOIL’s communication strategy by engaging the media more,” Mr Patrick Kwame Apke Akorli, GOIL Group Chief Executive Officer stated in Accra.
He said GOIL will also roll-out competitive pricing strategy as part of the broader measures to ensure dominance in the downstream oil industry, “GOIL will continue to strictly enforce a national policy of maintenance of high standards at the forecourt of its filling 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.
Addressing the staff and stakeholders at GOIL end of year-awards dinner in Accra, Mr Akorli who is also the Managing Director maintained that GOIL the nation’s foremost indigenous oil marketing company will stay more competitive in 2017 while pursuing the drive for more product diversification.
“In 2017 GOIL will partner other companies to fully utilize its forecourt thereby increasing other income. The future looks bright and we will continue to pursue policies and strategies that will make GOIL more profitable and a successful, proud indigenous Oil Marketing Company, to fulfill the dreams of the forerunners,” he said.
nMr Akorli noted that as part of the broad mechanism, GOIL’s GOENERGY Company Limited, which is a Bulk Oil Distribution Company (BDC), in 2017, would continue to ensure availability and stability of fuel supply in the country.
He said GOIL, through its BDC–GOENERGY would also continue to collaborate with other stakeholders including Bulk Oil Storage and Transportation (BOST), to ensure improvement of fuel supply in the country.
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”.
On the performance of GOIL in 2016, Mr Akorli said, the company continued to make strides despite a challenging environment especially as indicated in the fall in consumption in the Oil Marketing Industry by about five per cent.
Despite this, “we are projecting to grow our fuel sales by 6.2 per cent this year. Lubricants and LP Gas sales are also projected to increase by approximately 14.1 per cent and 83.2 per cent respectively compared to the same period last year. Over all, GOIL is likely to meet 92.8 per cent of the target in 2016.
“The exciting news is that the Company still remains the biggest OMC in the country in terms of both market share and the number of stations.
“This is despite stiff competition from the over 80 others. GOIL currently has a market share of 17.5 per cent which is slightly higher than that recorded last year. This is particularly significant taking into consideration the fact that the company commanded a market share of 13.44 per cent at the end of December 2014,” he stated.
Source: GNA