BY 2021, the Bulk Oil Storage and Transport CompanyLimited (BOST) will be the foremost oil storage and transporter in Ghana and beyond and will be the most operationally efficient amongst its competitors, its Managing Director, Mr Edwin Provencal has pledged.
Management of BOST says it is poised to increase efficiency at all levels, and to give real meaning to government’s dream of Ghana becoming the petroleum hub for West Africa and the rest of the continent.
While admitting it will not be an easy ride to become efficient, but for injection of more investment, Mr Provencal said, “we’re working to reduce the loading time from three hours to less than 30 minutes by becoming operationally efficient ; turnaround time for loading trucks should be within 30minutes.”
This was during a three-day interaction between management of BOST and members of the Institute of Financial and Economic Journalists (IFEJ) in Dodowa in Accra.
The workshop was for the selected media persons to know and appreciate the operations of the company. Participants were briefed on the mandate and operations of BOST and ongoing investments being undertaken by the company.
Going beyond the country’s shores
The MD of BOST was confident of procuring facilities in other countries to serve the sub-region and to rake in more foreign exchange.
US$150 million capital injection
A total of GH$150 million is needed to turn around the operations of BOST, Mr Provencal disclosed, saying about US$75 million of the funds would be used to upgrade and rehabilitate the company’s infrastructure will remaining amount would be deployed as working capital.
Fresh capital injection would make the company economically viable and build up investor interest and confidence both locally and internationally, the MD pointed out.
Management of the company would on account of the expected investment be able to exploit the company’s assets and use resources fully to operationalise the dormant barges of the company, which transport oil from Akosombo to Buipe and other resources lying idle.
“The new strategy is focused on improving the operational efficiency of the company by moving from the use of outdated manual systems to a fully automated system.
He said the plans of the company to improve on its core mandate could only be limited by the non-availability of the funds to support the ideas, as the staff within the company had thrown their weight behind new strategies.
“If the regulator does not regulate well and allows cross zonalisation, then, our dreams may be delayed,” he said, adding that, the vision to transform BOST would not be materialised if we don’t do effective stakeholder management.
Mr Provencal said the vision would not come to fruition if there was poor stakeholder management with transporters, tanker drivers’ unions, the regulator, the government, employees of BOST and many other stakeholders.