Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal, has said his outfit plans to raise about GH¢10 billion in revenue ($871 million for the 2023 financial year.
According to him, the target by the the state-owned company could be achieved due to an increase in sales which is largely driven by demand for affordable fuel products on the Ghanaian market and landlocked countries in the north such as Mali and Burkina Faso.
Speaking on the sidelines of the APSCA awards ceremony with kenyatopstories.co.ke, the BOST MD said the company also plans to double its pipeline network through a public private partnership (PPP) module.
“The firm is planning to partner with private investors to build about 360 km additional pipeline network at a cost of circa US$400 million,” Edwin Provencal said in Nairobi, Kenya.
“We are going to float a competitive tender bid in the last quarter of this year. Actual construction of the pipeline is set to begin and will be completed after 24 to 36 months,” he added.
He further touted BOST’s efficient processes, which he said has now become the “most preferred source of refined petroleum products”.
Meanwhile at the company’s recently held AGM in Accra, Board Chairman for BOST, Ekow Hackman, highlighted that the net profit margin of the company had increased from GH¢161 million in 2021 to GH¢342 million in 2022.
BOST currently has six (6) depots nationwide which are located in the Accra Plains, Mami Water, Akosombo, Kumasi, Buipe and Bolgatanga and a pipeline network of about 360 km.
The 4th Africa Public Sector Conference & Awards (APSCA) was held in Nairobi-Kenya to acknowledge excellence in public policy innovation and outstanding leadership across various levels of governance.
In view of this, BOST was awarded as the most transformed public enterprise in Africa while its Managing Director, Edwin Provencal won a personal award as the best public sector CEO in Africa.