The Bulk Oil Storage and Transportation Company Limited (BOST) has recorded a revenue of GH¢1.12 billion in 2021, almost twofold the GH¢632 million recorded in 2020.
Out of that amount, GH¢671.6 million came from product sales, GH¢380.4 million from the BOST Margin, GH¢52.64 million from storage and rack, GH¢14.83 million from marine transportation, with GH¢2.07 million coming from products swap.
The Managing Director of BOST, Edwin Provencal, who disclosed this at a press conference in Accra on Wednesday, attributed the company’s recent successes to some new policies introduced.
“We have put in place some 15 policies that are now guiding our behaviour in the company and I can say that that is one of the key drivers of performance at BOST. Some of the policies include a bonus policy, an HR policy, a finance policy, field operations, a health and safety policy, ethics policy amongst others. We have also put in place a risk and task compliance unit that ensures that we identify risks and mitigate them before they become challenges,” he said.
Before 2020, BOST was saddled with more than half a billion-dollar debt comprising trade liabilities, legacy loans, debt owed to Bulk Oil Distribution Companies (BDCs) and capital expenditure liabilities.
Mr Provencal said aside from paying down most of its debts through various interventions, the company has reintroduced its storage tank system bringing back 12 out of its 15 tanks, revamped its transmission pipelines and rehabilitated its tugboats and barges, which are all contributing to the revenue streams of the company.
Mr Provencal also disclosed that the total volumes of fuel available in-country as of October 5, 2022, was equivalent to 50-55 days of national demand. That, he said, gives the country cover and comfort in the event of severe disruptions to the global oil supply.
Source: Modern Ghana