January 24 , 2024
The Bulk Oil Storage and Transportation Limited Company on Saturday January 20, 2024 commemorated its 30th anniversary with a thanksgiving service at the Most Holy Trinity Cathedral in Accra. The all-white occasion was to give thanks to God for the organisation’s sustenance over the years.
The programme was well attended by the company’s management, staff and several prominent dignitaries including the Minister of Energy, Dr Matthew Opoku Prempeh.
Management of BOST, represented by the board chairman, Ekow Hackman and Managing Director, Dr. Edwin Alfred Provencal expressed gratitude to all stakeholders and promised to continue doing more to realise the company’s mandate.
BOST: An exemplary SOE
During the ceremony, the Energy Minister described BOST as an exemplary case of state-owned enterprise management that ought to motivate other State-Owned Enterprises (SOEs) to contribute significantly to the country’s development. He subsequently commended the company for playing a vital role in fostering economic stability.
Also, he attributed the company’s perseverance in attaining profits following over ten years of losses to visionary leadership, astute planning, and committed teamwork.
Gold for Oil
Dr Prempeh underscored the role of the bulk storage company in the development of the national economy, especially in putting the government’s Gold-for-Oil (G40) programme into action. Under the G4O initiative, BOST is able to use gold to pay for imported oil products through barter trade or foreign exchange that is earned by selling gold to a broker.
The Minister further asserted that BOST had been successful in stabilising the prices of petroleum products and foreign exchange by removing a sizeable amount of the domestic economy’s monthly demand for dollars. The company, he said, plays a crucial role in the nation’s storage, distribution, and transportation of imported petroleum products.
CSR
Meanwhile, as a gesture to give back to society and fulfil its Corporate Social Responsibility obligations, the management of BOST during the ceremony, presented on behalf of the company Five Hundred Thousand Ghana Cedis (GHC 500,000) to the Church towards the resuscitation of dilapidated infrastructure at the Holy Trinity Cathedral Senior High School.
Source: Energy Ghana