GOEnergy Deflates Downstream Petroleum Corporate Dictators

The Goenergy Company Limited, (Goenergy) a subsidiary of Ghana Oil Company Limited (GOIL) has pitched against corporate dictators in the downstream petroleum sector disarming the cartel of weapons to create artificial shortages in the retail of fuel products.

Since September 2014, Goenergy's strategic measures and control of the Bulk Distribution (BDC) sector has totally eliminated the usual artificial shortages of petroleum products in the country.

Ghana News Agency observation of the trend in the downstream petroleum sector revealed that Goenergy supplies petroleum products to major oil marketing companies.

Commenting on the progressive development of Goenergy, Mr Gymafi Amanquah, Chief Operating Officer of Goenergy, told the GNA that fuel shortage was now a thing of the past.

'It will take a natural disaster or some strange occurrence for Ghana to experiences any fuel shortage within the next foreseeable future'.

Mr Amanquah explained that GOIL and GOEnergy as branded names needed every Ghanaian and governmental support to continue to hold the national flag higher in an environment dominated by multi-nationals who have strong backings from their home governments.

He recounted that the company's objective was to continue to maintain dominance and increase its market share in order to save Ghanaians from unnecessary and artificial fuel shortages which used to be the order of the day.

He explained that Goenergy was born to offer solutions; recounting that in the beginning of the third quarter of 2013, the nation witnessed series of fuel supply shortages which persisted till the first quarter of 2014.

Mr Amanquah explained that most BDCs at the time resorted to selling on cash basis, 'almost all the BDCs withdrew credit and demanded cash payment for products from Oil Marketing Companies (OMCs) including GOIL.

'However the BDCs who were willing to trade with GOIL on credit, could not guarantee uninterrupted supplies. This new model of cash transactions for products put a heavy toll on GOIL's finances'.

He said in order for GOIL business to survive and to ensure regular supply of fuel products to the public, there was the need to secure a continuous supply of petroleum products to feed GOIL's numerous retail service outlets and meet existing contractual agreement with her consumer businesses.

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.

Market watchers have noticed that the GOEnergy's business operations had grown substantially and currently it was the major supplier of Gasoline, Gasoil, Marine Gasoil and LPG to GOIL and other OMCs and BDCs in the country.

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.

Though the Company's main business was marketing and distribution of petroleum products in Ghana, one of the tenets of the New GOIL is to move beyond the current frontiers to marketing and distribution of energy products in general.

GOIL therefore, welcomes partners who were interested in helping us drive our business in this direction, Mr Amanquah said.