The Bulk Energy Storage and Transportation Limited Company (BOST) have repaid 100% of its trade debt and loan obligations, totaling over GHS 384 million.
Addressing the media in Accra yesterday, the Managing Director, Dr Edwin Alfred Nii Obodai Provencal, noted that the oil company had gone through dramatic changes, including the resolution of long-standing tax arrears and audited accounts spanning from 2015 to 2023.
In addition to the debt clearance, he indicated that BOST has implemented several strategies to boost revenue, including the completion of critical projects like the Tema to Akosombo Petroleum Pipeline (TAPP) and the Bolga to Buipe Pipeline, which now operates with leak detection systems to secure Ghana’s fuel infrastructure
Among the key highlights was the company’s Depot Upgrade Project, set to complete its first phase by November 2024.
This phase involves upgrading the Accra Plains and Kumasi depots, which BOST expects will boost efficiency by 2.5 times.
In addition, BOST has modernised essential assets, reducing inter-depot loading times from four hours to one hour and 30 minutes and cutting barge loading times from seven days to just one day.
The Tema-Akosombo Pipeline Project (TAPP) has also made strides, now equipped with an intrusion and leak detection system to enhance pipeline security. This operational improvement is part of BOST’s strategy to reinforce its transport network for efficient energy distribution across the country and to neighboring regions, including Mali, which has seen increased exports from BOST’s Bolgatanga depot.
Financially, Dr. Provencal also disclosed that BOST has made significant progress in stabilizing its operations. The company has paid off 100% of trade debt, totaling $612 million and cleared loans amounting to GHS 384 million.
Additionally, a forensic audit into claims with Bulk Distribution Companies (BDCs) led to a reduction of the initial $37 million claim down to $9 million, securing significant cost savings.
As part of its strategic direction, BOST is undergoing a rebranding to expand its focus beyond oil to broader energy storage and transportation.
The company’s future projects will include blended ethanol in petroleum products, compressed natural gas (CNG) storage, and solar installations at key locations, as well as efforts toward afforestation in collaboration with the Forestry Commission. .
Dr. Obodai Provencal emphasised that these improvements and the company’s commitment to corporate governance, as evidenced by BOST’s high compliance ratings in the Public Enterprises League Table (PELT), position the company as a sustainable and forward-looking enterprise.
