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BOST to export fuel to Burkina Faso and Mali from 1 November

It will be the first time in about seven years that BOST will export fuel within West Africa and will boost national foreign exchange earnings

Edwin Provencal, managing director of the Bulk Oil Storage and Transportation Company Ltd (BOST), says the company will begin exporting fuel to Burkina Faso and Mali by 1 November this year.

It will be the first fuel export by the BOST since 2013.

Speaking on the Energy 101 programme on Asaase Radio on Monday night, Provencal said: “I’m about to execute my first export since 2013. By 1 November my first export would have happened to Burkina Faso and Mali.

“So guess what that will do for Ghana in terms of forex? Because when we sell to these countries we get dollars.”

Provencal said this would mean that fuel tankers do not have to drive to Accra to lift fuel, thereby destroying road surfaces and putting health and safety at risk.

“Our vision is to be the best and the number one fuel and logistics provider in West Africa within the next five years,” he said. I believe that within the next five years we will be number one.

Out of the woods

He said BOST has made losses since 2011, but through prudent management the company may be breaking even for the first time.

“I told you that we have been making losses since 2011. For the first time next year when the accounts are audited, hopefully, we will make some profits, and we can pay some dividends,” he said.

Provencal said that before 2017, “We had 100% of our marine assets not working. We had 100% of our marine assets totally out of service. We had a tugboat that had been decommissioned, we had the floating dock not working. We had four barges out of service.

“As we speak, we have brought into the stream the tugboat, the floating dock and two barges. That is what we use to transport fuel from Akosombo to Buipe in the North for onward distribution to the rest of the country,” he said.

About BOST

BOST is a limited liability company. It is 100% owned by the Government of Ghana, which in recent times has been mandated by the State Interests and Governance Authority (SIGA) to oversee its affairs.

It has three main mandates. First is to build and maintain a network of facilities for the bulk storage, transportation and distribution of petroleum products in Ghana.

The second mandate is to build a strategic reserve stock of petroleum products to meet a minimum of six weeks of national consumption (the latest mandate is to expand this to 12 weeks but with the current capacity the company can achieve only six weeks).

Its last responsibility is to import petroleum products to ensure fuel security in Ghana, to refresh the sector and also to export petroleum products to neighbouring countries to improve the bottom line.

BOST aims to become the number-one fuel and logistics company in West Africa by 2024.

This ambition centres around the mandate of holding strategic fuel stocks for the nation and ensuring an efficient distribution regime, fashioned around a network of storage and distribution infrastructure that ensures the nation’s safety and progress.

* “Energy 101” is on Asaase Radio on Monday evenings (starts 7pm).
Asaase Radio 99.5 – tune in or log on to broadcasts online.
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