Ghana’s leading indigenous Oil Marketing Company, GOIL plans to explore opportunities in Ghana’s neighbouring countries by acquiring fuel retail outlets and operate them to increase the company’s assets base.
The Board Chairman of the leading OMC, Kwamena Bartels said the company would resume scouting for potential filling stations outside the country.
He said the strategy is to acquire already existing stations instead of constructing them.
“We believe that going outside the country will improve the company’s brand image which will eventually lead to increased patronisation of our products, thus, increasing returns on shareholders investment,” he said.
Speaking at the 52nd Annual General Meeting, Mr Kwamena Bartels noted that 2021 looks to be an exciting year as the company anticipates aggressive marketing of bitumen products
The company is constructing a US$35 million bitumen plant in Tema and it is expected to be completed in September 2021.
According to Mr Bartels, the bitumen products GOIL would be introducing onto the market is polymer modified which ranks among the best quality bitumen grades in the market.
“Ghana has experienced so many road construction failures and we hope that our bitumen product will help the construction of better roads,” Mr Kwamena Bartels stated.
Mr Bartels explained that GOIL is also looking at expanding its non core fuel business.
“We intend to engage potential partners with high brands to do business at our stations. We plan to take a very active part in the new model for distribution of Liquified Petroleum Gas (LPG) to the industry, educational institutions and individuals.”
Responding to questions by the press on GOIL’s decision to explore market in other West African countries, Chief Operating Officer of GOIL, Josiah Adzew said the company has done a lot of work by visiting a number of West African nations to assess their business environment.
He contended that exploring other West African nations would help to increase GOIL’s shareholders gain.