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23.07.2009 Business & Finance

Oil Marketing Companies Gear up for Oil Discovery

Oil Marketing Companies Gear up for Oil Discovery
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The Association of Oil Marketing Companies (AOMC) of Ghana yesterday outlined measures to ensure that Ghana's oil discovery becomes a blessing rather than a curse to the nation, as is being experienced in some oil producing nations.
Speaking in an interview with the Ghana News Agency (GNA) in Accra, Mr Kwaku Agyemang-Duah, Industry Co-ordinator of the Association, mentioned the better management of oil and gas resources, the provision and sharing of adequate information about the resource being extracted, and revenues generated from them as some of the measures.
'Ultimately, greater transparency regarding revenue strengthens the accountability chain and ensures that the citizens understand the industrial development and production quantum,' he said. 
Mr Agyemang-Duah said the AOMC has also intensified measures to eliminate the incidence of adulteration of kerosene, petrol and diesel, as well as prevent its diversion and black marketing. He added that the Association has adopted additional measures to ensure that its petrol stations are up to international standards.
He said the Oil Marketing Companies (OMCs) will soon launch an upgraded Marketing Discipline Guidelines initiative, as part of the Association's efforts to weed out malpractices in the distribution of petroleum products so that consumers got a quality product.
'The setting up of shops of international standard at filling stations to effectively cater for customer needs, setting-up mobile quality unit, introducing diesel filters and implementing a care champion scheme for staff working at retail outlets are some of the initiatives taken by member companies of the Association.'
He indicated that investment on infrastructure will be looked into, as well as the possibility of optimising existing infrastructure. He said AOMC members will continue to integrate and balance the economic, social and environmental responsibilities necessary for sustainable development. 'It is an integral part of our members' corporate culture to strive for growth while remaining attentive to the needs of society at large and adopting a far sighted strategy.'
Mr Agyemang-Duah said the Association will continue to manage the risks and opportunities of its operations in a manner that will ensure optimum value for its stakeholders.

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