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09.07.2004 Business & Finance

BOST signs agreement for storage tank

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Accra, July 9, GNA - The Bulk Oil Storage and Transportation Company Limited (BOST) on Friday signed a contract with Zakhems International Construction to execute and complete the construction of four additional huge fuel storage tanks.

The contract would enable Ghana increase its Fuel Strategic Reserves from two to four weeks.

The 22-million dollar project to be located at the Accra Plains would be completed within nine to 12 months.

The total capacity of the four tanks would be 80,000 cubic meters. Each tank when completed would be the single biggest tank for refined products in the country. Zakhems International Construction won the bid among 18 competitors.

With this, BOST would be in a position to intervene on the market when there is a major disruption in the supply of petroleum products and to stabilize prices.

Mr Joseph O.K Addo-Yobo, Managing Director of BOST, signed on behalf of the government while Mr George Zakhems signed for his company. Mr Addo-Yobo noted that BOST had moved a step further in their operation by increasing its storage capacity.

He thanked the government for the foresight and all the resources placed at the disposal of BOST to enable them to execute their mandate. Nana Addo Dankwa III, Okuapemhene and Board Chairman of BOST, said that government was concerned to have regular supply of petroleum products in the country