PETROSOL Platinum Energy PLC has paid more than GH¢2 billion in taxes and regulatory margins since beginning full operations in 2014, Chief Executive Officer, Mr. Michael Bozumbil has said.
According to Mr. Bozumbil, the company has also maintained a consistent record of meeting its financial commitments, including servicing bank loans, paying suppliers and service providers, and settling dealer margins and transporters’ claims.
He said PETROSOL has also ensured the timely payment of staff salaries and pension contributions, including Tier 3 Provident Fund payments.
Mr. Bozumbil made the remarks during a ceremony at the Ghana Stock Exchange marking the company’s admission to the Ghana Fixed Income Market, where it is seeking to raise GH¢200 million to finance its next phase of growth.
The CEO said PETROSOL’s focus on quality petroleum products, customer service and compliance had earned the company a National Quality Award and helped it secure three ISO certifications covering quality management, environmental management, and occupational health and safety.
PETROSOL began in 2006 as a petroleum business management and consulting firm before transitioning into oil marketing in 2013. The company obtained its licence from the National Petroleum Authority that year and commenced operations in February 2014.
Since then, PETROSOL has expanded its retail network from four service stations to 109 stations, Mr. Bozumbil said.
He attributed the company’s growth to perseverance, the commitment of its employees and business partners, and the loyalty of its customers, despite operating through several challenging periods.
These included Ghana’s 2014–2015 energy crisis, the introduction of petroleum price deregulation, the banking sector crisis, the COVID-19 pandemic, the Russia-Ukraine war and Ghana’s economic difficulties between 2022 and 2023. He also cited the 2026 conflict between the United States and Iran as a recent challenge affecting the global business environment.
Mr. Bozumbil said PETROSOL’s ability to navigate these difficulties demonstrated the resilience of the business.
However, he noted that the company would require substantial additional capital to support its next stage of expansion.
He said PETROSOL was therefore turning to the capital market to secure long-term financing that would enable it to grow sustainably.
The company is seeking to raise GH¢200 million through its admission to the Ghana Fixed Income Market to strengthen its operations and support its future expansion plans.