Star Oil Ltd @ 25: Driving growth and profitability with a vision for renewable energy and a sustainable future

As Ghana celebrates 25 years of Star Oil Ltd., the indigenous oil marketing company stands tall as a beacon of resilience and innovation in the nation’s energy sector.

From countering macroeconomic challenges to pioneering affordable energy solutions, Star Oil has cemented its place as a leader, shaping Ghana’s energy narrative with trust, efficiency, and environmental responsibility.

A Legacy of Excellence and Growth

Star Oil is one of Ghana’s few wholly indigenous and independent oil marketing companies that has thrived in the competitive energy landscape.

Since the deregulation of the petroleum retail sector 25 years ago, the company has steadily climbed to the top of the industry, delivering innovative fuel solutions to a diverse clientele across the country.

In a thanksgiving and Christmas service held in Accra to commemorate its 25th anniversary, Star Oil unveiled its latest innovation—Ron 95 Fuel.

This premium unleaded fuel is engineered to enhance engine performance, reflecting the company’s commitment to quality and forward-thinking solutions.

The event also spotlighted the company’s remarkable expansion efforts. According to CEO Philip Tieku, Star Oil has grown its network from 191 outlets in 2023 to a projected 229 filling and LPG stations by the end of 2024.

This robust growth underscores Star Oil’s dedication to making reliable, affordable and clean energy accessible nationwide.

Empowering Ghanaians Through Job Creation

Star Oil’s impact extends beyond fuel to people and livelihoods. The company has expanded its workforce, growing from 1,443 customer service attendants in 2023 to 1,644 by November 2024.

Overall staff strength has increased from 1,911 to 2,198 within the same period. This expansion highlights Star Oil’s commitment to job creation and economic empowerment.

“Our goal is to ensure Ghana’s energy future is efficient, sustainable, and owned by Ghanaians,” remarked CEO Philip Tieku.

“As a profitable indigenous company, Star Oil is determined to maintain its dominance in the industry and prevent multinationals from overshadowing local players.”

Star Oil has also positioned itself as an employer of choice, offering competitive salaries that have grown at an annual rate of 30% since 2020 and providing flexible work-from-home options for back-office staff.

Driving Community Development

Star Oil’s commitment to Ghana transcends business, extending into impactful corporate social responsibility (CSR) initiatives.
• Healthcare: The company partnered with local clinics to renovate the emergency centre at Worawora Government Hospital, enhancing healthcare delivery in the region.
• Education: Star Oil has revitalized educational infrastructure by renovating the Presbyterian Junior High School in Apirede Akwapem and constructing a primary school and kindergarten in Abotoase, among other projects.

These initiatives underscore the company’s dedication to uplifting communities and fostering development across Ghana.

Resilience Amid Challenges

Operating in a volatile environment, Star Oil has weathered inflation, exchange rate fluctuations, oil price volatility, and regulatory uncertainties. Yet, the company has emerged stronger, demonstrating resilience and adaptability.
“In the face of economic challenges, we’ve proven that businesses can succeed while driving positive change,” noted Mr. Tieku.

Fuelling a Sustainable Future

As it celebrates 25 years of excellence, Star Oil looks ahead with an ambitious vision for a cleaner, greener energy future. The company is exploring renewable energy solutions to complement its core fuel business, ensuring long-term sustainability.

Star Oil’s journey is a powerful testament to the idea that business success and social impact can coexist. By prioritizing innovation, resilience, and community development, the company continues to inspire hope and shape Ghana’s energy future.

Source: myjoyonline.com