GO ENERGY Wins BDC Company of the Year Award

Accra, Dec. 11, CDA Consult – The Ghana Energy Award has decorated Goenergy Company Limited (Goenergy) subsidiary of Ghana Oil Company Limited (GOIL) as the Best Bulk Distribution Company of the Year 2017.

The Ghana Energy Awards which recognizes outstanding contributions and achievements of industry players also adjudged GOIL as Oil Marketing Company (OMCs) Brand of the Year whilst Mr Patrick Akpe Kwame Akorli, Group Chief Executive Officer of GOIL was also declared as the Petroleum CEO of the Year.

GO ENERGY is credited by industry players for deflating cartels in the downstream petroleum sector saving the country from artificial fuel shortages. Ghana has not experienced any fuel shortage since Goenergy took control of the Bulk Distribution sector in September 2014 serving major OMCs in the country.

The National Petroleum Authority (NPA) statistics based on the total number of products distributed across the entire industry indicated that within the top seven Bulk Distribution Companies (BDCs) Goenergy controls 22.14 per cent of the market shares in 2016 up from 19.60 per cent in 2015.

Mr Gymafi Amanquah, Chief Operating Officer of Goenergy told the Communication for Development and Advocacy Consult (CDA Consult) in an interview at the GOIL 2017 Long Service Awards and End of Year Party that the company’s objective is to continue to maintain dominance and increase its market share in order to save Ghanaians from unnecessary and artificial fuel shortages which was the order of the day in the past.

Mr Amanquah explained that the Board of Directors and Management of GOIL took a pragmatic action by setting up Goenergy Company Limited in February 2014 as Bulk Distribution Company and a wholly-owned subsidiary of GOIL.

Mr Amentor Aziakor, Goenergy Operations and Marketing Manager noted that the company’s business operations had grown substantially and currently it is the major supplier of Gasoline, Gasoil, Marine Gasoil and LPG to GOIL and other OMCs and BDCs in the country.

Mr Akorli, described the annual GOIL awards and dinner night as a unique opportunity to reconnect, unwinds and de-stress with co-workers, former staffs and stakeholders.

He noted that although significant progress has been made in the economic outlook of the country, “this has not reflected in the fortunes of the downstream petroleum industry. The downstream sector experiences a 10 per cent drop in volumes due to mainly to illegal activities Petroleum Black Market dealers who smuggles the products in a bid to evade tax.

“This notwithstanding, GOIL has experienced a marginal growth and remains the biggest OMC in the country. Although it is difficult to rise to the top, it is more difficult to remain up there…the Competition is still stiff in the downstream petroleum sector, therefore GOIL cannot afford to rest”.

The GOIL Group CEO therefore encouraged management and staff to continue to give off their very best in the coming years as the company continues to compete aggressively with multinationals; “but we will continue to rely on ourselves for the necessary innovations as a home-grown brand to remain at the top”.

Mr Akorli, said GOIL is scaling up its health and safety measures; as recent events in the industry demands that; “we must show strength and character that we are market leaders and can indeed retain our position as market leaders”.

GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and Specialty products in Ghana.

The Government of Ghana in 1974 acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the company to Ghana Oil Company Limited.

By a shareholders resolution passed on 1st August, 2007 the Company adopted new regulations and was converted into a public company.

Between the year 2010 and 2012 the Company underwent a transformation process aimed at changing its logo, station outlook, and most importantly the corporate culture which was dubbed “Good Energy comes with a Smile”. The launching of the New GOIL took place on the 18th May 2012.

Meanwhile Mr Freddy Blay, Acting National Chairman of the ruling New Patriotic Party (NPP) has tagged GOIL which is the nation’s foremost indigenous OMC as Ghana’s Industry Gem and challenged Board and management to venture into upstream petroleum sector to propel it to higher heights.

He explained that the nation depends largely on the OMC industry giant for maintaining stability in the downstream sector.