GOIL Bitumen plant to start commercial production in August

“I came to inherent a strong company and our commitment is to make it stronger and we are taking every step to improve upon performance, practices and the culture so that we can continue to see results.”

The Group CEO and Managing Director of the leading Oil Marketing Company in Ghana, GOIL PLC, Kwame Osei Prempreh has disclosed that the company’s bitumen plant being constructed in Tema is expected to start commercial production in August this year.

This he believes will reduce Ghana’s import bill significantly.

Speaking at the 53rd Annual General Meeting of the company which was held virtually and in-person, he said the 7,000 metric tonnes storage capacity plant worth US$35 million is 99.9 per cent completed.

According to him, there would be a test run of the plant in July ahead of the commercial production in August this year “so that the company will begin to enjoy the investment it has made”.

The Board Chairman of GOIL PLC, Reginald Daniel Laryea, said the company registered a profit after tax of Gh¢98.74 million, up by nine per cent compared to Gh¢90 million it made in 2020.

He averred that the company’s earnings per share also increased from Gh¢0.23 to Gh¢0.253.

Mr. Laryea expressed that, “I came to inherent a strong company and our commitment is to make it stronger and we are taking every step to improve upon performance, practices and the culture so that we can continue to see results.”

Despite the challenging nature of the year 2021, the company’s volume of sales of fuel was approximately 886.6 million litres, about 11 per cent above that of the previous year.

Source: norvanreports.com

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