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The Bulk Oil Storage and Trans...

The Minister for Public Enterprises, Joseph Cudjoe has praised the Managing Director of BOST, Edwin Provencal and his team for putting to good use,  the BOST margin which has been increased from 3 to 9 pesewas.

Mr. Joseph Cudjoe as part of his working visit to state-owned enterprises has visited the Bulk Oil Storage and Transportation (BOST) Company Limited to inspect its financial and operating performance.

He commended the management for the turnaround that has been achieved in a short space of time and also for the introduction of policies that have been developed operationally to make sure that BOST operations are brought to the highest level of professional corporate management.

“I have been so much impressed given when we have taken this trip to Accra Plain Depot (APD) and seeing the ongoing improvement in facilities that in recent past were not so well maintained and a lot of maintenance improvement and additions that are being done. It has been very impressive,” he noted. 

The Bulk Oil Storage and Transportation Company Limited (BOST) is expected to take delivery of some pipelines from the United States of America by the end of September 2021.

The twelve-year delay in the delivery of the equipment was as a result of some managerial setbacks and cost the company a total of 63 Million US Dollars.
Managing Director of BOST, Mr. Edwin Provencal disclosed this when he led the Sector Minister for Public Enterprises, Mr. Joseph Cudjoe on a working tour of BOST Facilities in Accra.

BOST PIPELINES1He disclosed further that the company started the procurement of these pipelines in 2009 with an EXIM facility however the pipelines are still stuck in Houston, the United States of America.
He stated that by the end of the month the shipment of the pipeline will commence.
“We have procured a logistics provider to visit the site for the pipes and assess the facilities, and the firm tells us that the pipes are good and ready to be shipped to Ghana.
He regretted however, that a hundred and nine of the pipes have been damaged and an additional US$8 million has been spent to repair them before shipment could commence.
Edwin Provencal said with the arrival of the pipelines, the company will increase the Tema Akosombo pipeline capacity from the current six inches to 12 inches to improve the efficient delivery of petroleum products across the country.

Mr. Edwin Provencal, Managing Director (MD) of Bulk Oil Storage and Transportation (BOST), says plans are in place to build Liquefied Petroleum Gas (LPG) tanks across all BOST Depots to help increase gas supply in the country.

“We have started a front-end engineering design and we hope that by end of next year, we will have LPG tank farms in every Depot”.

He made this known, at Buipe, when BOST held a performance assessment engagement with Civil Society Organisations (CSOs) and a tour of Buipe BOST Depot facilities.

He said the move was part of the Company’s strategy of aggressively growing its business by developing a network of storage tanks, pipelines, and other bulk transportation infrastructure throughout the country.

CSOS 2

The engagement provided a platform for BOST to share its success stories and challenges with stakeholders as part of efforts to promote probity and accountability.

Mr. Provencal said, “our vision going forward, is to grow our business aggressively and we have identified LPG as one of the opportunities for our growth strategy, and that means there are plans to build LPG tanks across all our Depots”.

The BOST MD indicated that the LPG tanks would contribute to meeting the growing demand of LPG products by consumers in the country, adding that, it would generate more revenue for the government to undertake its development projects.

Mr. Provencal noted that 75 percent of repair works had been carried out on its revenue-earning assets as of the first quarter of 2021.

He was confident that 97 percent of repair works would be done by end of the year.

Mr. Duncan Amoah, Executive Secretary of Chamber of Petroleum Consumers Ghana (COPEC), commended BOST for work done so far on instituting measures to improve on its facilities to enhance their work.

He called on the management of the Company to stock up its storage facilities with adequate petroleum products to ensure fuel prices were stable.(BOSTCorpcom/GNA)

In May 2021, the National Petroleum Authority (NPA) increased the BOST Margin, a tax in the petroleum price build up for the operation and maintenance of storage and transmission infrastructure of BOST.

This created a huge debate between BOST who justified the increased margin and the CSOs who hitherto had questioned the basis for the increase of the margin.

CSOS 1

It is for this reason BOST Management led by Mr. Edwin Provencal, having put the increased margin to judicious use invited the CSOs to see things for themselves.

Since the increment by government, the company has undertaken numerous initiatives and maintenance works:

* replacement and addition of new loading arms

* Replacement of analog flow meters with digital flow meters

* Repair of damaged Buipe-Bolga Pipeline

* Construction of 300 capacity BRV parking lot at the Bolgatanga depot among others.

The CSOs expresssed satisfaction at the job done so far and hoped to see even more progress when they visit again by the next scheduled period.

The new BOST is on course to become the Number One fuel and logistics business in the Sub-Region.

 

Mr Edwin Alfred Provencal, the Managing Director (MD) of the Bulk Oil Storage and Transportation Company Limited (BOST) says the Bolgatanga depot of the Company has exported 160 trucks of petroleum products to neighbouring countries since it commenced re-exportation in March 2021.

BOLGA MD 1 He said the National Petroleum Authority (NPA) granted BOST the export licence in the early part of 2021 and it started exporting in March.

Mr Provencal was speaking to journalists in Bolgatanga after BOST held a performance assessment engagement with Civil Society Organisations (CSOs).

He said the depot would play a critical role in the economic development of the country with respect to foreign exchange reserves.

“When we consume the product locally, we pay in Ghana cedis, however, when we are going to replace the product, we have to convert the Ghana cedis to dollars and procure the product. Because our cedi depreciates sometimes, there are foreign exchange losses.

“But with the re-export, we bring in the product, add our transportation and logistics costs and some margin and export it to the landlocked countries, and they pay us directly in dollars,” the MD explained.

He noted that if the depot was fully utilised, it would have direct impact on Ghana’s economy, and said the depot was positioned to take advantage of the African Continental Free Trade Agreement.

BOLGA MD 2

“We are happy this depot is back and we are proud of the work that has been done by the management team and the staff of Bolgatanga depot, and we hope that they continue doing the work as they should, so that they make this country better.”

Mr Chukwnemeka Aniabonam, the Bolgatanga BOST Depot Manager said the depot was established in 1993 with 6.5 million litres storage capacity.

He said the depot used to experience evaporation losses from its tank 303 due to internal roof seal damage in 2016 which was subsequently repaired in 2020 to receive products for sale.

He said the storage capacity of the tanks had been boosted to meet their customer demands, “We have been able to get enough stock to sell to our Sahelian market and meet their demand effectively.

“In the past, because of our dormancy, customers went all the way to Accra to load which had huge effect on our roads. Since we came into operations, it has eased a lot of pressure on our roads, movement from here to Paga is about 40 minutes’ drive.”

Mr Aniabonam disclosed that the storage capacity of the depot was 46.5million litres, 34 million litres for diesel and 12.5 million litres for petrol, and said it was the hope of the depot to capture the Sahelian market.

“We are looking at 40 percent of the Sahelian market. If we capture 40 percent, we are in good business. So management has thought it wise to expand our storage capacity because that is the only way we can capture the market.”

Some leaders of the CSOs, after touring the facility, expressed satisfaction about the work done by BOST.

“We have seen some maintenance work being done, tanks have been blasted, painted and repositioned. Corrosion has been taken care of, and we shouldn’t expect any water ingress. Meaning that there wouldn’t be contamination of product with water”, Nana Amoasi VII, the Executive Director of the Institute of Energy Security told journalists.(Credit: BOSTCorpcom/GNA)