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04.11.2004 Business & Finance

New brand of lubricating oil in the offing

By GNA

Accra, Nov. 4, GNA - Glory Oil, a limited liability company is soon to produce its own brand of lubricating oil in collaboration with a reputed British oil company.

Mr. Robert Okae, Director, who made the announcement in Accra, said the company would display the first litre of the oil on the shelves at the various outlets of the company all over the country by 2005. Commissioning a new ultra-modern one-stop petroleum service station off the spintex road on Thursday, he said the company also supports government effort to deregulate the oil industry.

The new station will provide a 24-hour petroleum service to meet the growing demands of clients.

It will also provide facilities such as lube bay service, vulcanizing, washing bay, banking and social services and a modern super market.

Mr. Okae said the company was poised to become one of the leading oil-marketing companies in the country providing high grade of petroleum and allied products.

He said already the company was operating with over 250 retail outlets that distributed petroleum products nationwide, adding that before the end of the year, additional five stations would be commissioned.

Mr. Daniel Amoah, Head, Petroleum Upstream, Ministry of Energy, assured the oil dealers that government was working expeditiously to ensure that the usual impasse between the suppliers and the dealers was solved through the use of a flow meter.

He noted that when the flow meter became operational it would reduce the cost on the dealers since the actual value of the petrol supplied could be determined to ensure that the extra cost was not shifted to the consumer.

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