GOIL Bitumen Plant To Commence Commercial Production In August


The Group Chief Executive Officer and Managing Director of the Ghana Oil Company Limited (GOIL), Kwame Osei Prempreh, says the company’s bitumen plant will start commercial production in August this year.


Speaking at the 53rd Annual General Meeting of the company, he expressed confidence that it would reduce Ghana’s import bill significantly.


He disclosed that the 7,000 metric tonnes storage capacity plant worth US$35 million is 99.9 percent 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.”


Profit

GOIL Board Chairman, Reginald Daniel Laryea, said the company registered a profit after tax of GHC98.74 million, up by nine percent compared to GHC90 million it made in 2020.


He averred that the company’s earnings per share also increased from GHC0.23 to GHC0.253.


Mr Laryea expressed, “I came to inherit 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 percent above that of the previous year.


Story by: Think Business Desk

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