‘I’ve tranformed BOST from the bad state I met in 2017‘ — MD

Dr. Edwin Alfred Provencal, Managing Director of Bulk Energy Storage and Transportation Company Limited, formerly BOST, has affirmed that the company has been significantly transformed under his leadership, after he inherited it in a battered state in 2017.

According to Dr. Provencal, BOST was sinking in numerous debts, non-functional infrastructure, and mounting operational challenges at the time he took office.

“When I took over, the financial and operational state of BOST was, frankly, alarming,” Dr. Provencal shared, highlighting a trade debt of $624 million that the company owed for fuel purchases alone.

“The liabilities we faced could have been used to build over 600 e-blocks for Ghana’s schools. Instead, we were weighed down by debts, an enormous missed opportunity for the nation,” he added.

Dr. Provencal painted a bleak picture of the state of BOST’s infrastructure in 2017, detailing the numerous assets that were in disrepair.

“All six of our depots were only partially operational, and out of 51 storage tanks, 15 were out of service. Our pipeline infrastructure, which should be a major revenue generator, was 100% non-operational. The marine assets that transport fuel were also completely grounded,” he said.

Reflecting on the transformation journey, Dr. Provencal emphasized the urgency with which his team addressed these issues.

“We’ve come a long way. Today, 100% of our trade debt has been cleared, and we have restored functionality to the depots, tanks, and marine assets. We’ve ensured that the infrastructure is not just operational but positioned to generate revenue for the company and the country,” he stated.

Dr. Provencal also emphasized the improvements in BOST’s governance and accountability, which he views as essential to the transformation.

“When I say BOST is now a different company, it’s because we are now accountable and fully transparent with our finances. We have had audited financials up to 2023, and that’s the way forward,” he noted.

Looking ahead, Dr. Provencal expressed confidence in the future, revealing that BOST has adopted a new strategic direction focused on expanding from “bulk oil storage” to a more diversified “bulk energy storage.”

The company’s next phase he stressed includes investing in renewable energy projects, building infrastructure for LPG, and exploring opportunities in the emerging market for compressed natural gas (CNG).

“We’re not just focusing on oil anymore. BOST is now positioning itself as a bulk energy storage company. Our future will be about blending oil with renewable options like solar and CNG to secure a sustainable energy supply for Ghana,” Dr. Provencal said.

“This is your company, a 100% government-owned entity. The transformation journey isn’t just about infrastructure or balance sheets; it’s about creating value for Ghanaians and making BOST a source of pride for everyone,” he added.