BOST Assures Right Fuel Prices With The Installation of 5,400 New Pipes – MD

Managing Director of Bulk Oil Storage and Transportation Company Limited, Mr Edwin Provencal says the company is set to take its central position in ensuring petroleum product availability with the construction of the procured 5,400 transportation pipelines from Tema to Akosombo.

He noted that after the construction of the pipelines, it would help BOST to set the right prices for the petroleum product to drive the economy in the right direction.

“We wish to reiterate that, the Bulk Oil Storage and Transportation Company is set to take its central position in ensuring petroleum product availability at the right prices to drive the economy in the right direction.”

Touring with the media to inspect the shipped pipelines after 12 years of delay in the United States of America, Mr Provencal told the media that as part of the four-year strategy of BOST becoming operationally efficient, the installation of the pipes would improve the proportion of product volumes carried through the cheapest transportation channel, being the barges and the pipelines.

Mr Edwin Provencal added that with the initial refurbishment of the existing 6-inch line between Tema and Akosombo and the Buipe-Bolgatanga Pipeline which stretches more than 270 kilometres, they are confident that the new pipeline would increase the volume from Tema to Akosombo by three-fold to increase the turn-around time of the barges.

He, however, was certain that the installation would tremendously improve on the utilization and turnover of our marine assets as well as expected to increase the utilization of the Mami Water depot which also serves as a booster station between Tema and Akosombo.

He hinted that the recent adjustment in the BOST margin has been helpful in the repair of BOST Pipelines and tanks and the shipping of these new pipelines to Ghana; stressing that the company is poised to increase its storage infrastructure to increase the volumes of product it can store for the nation to meet the demands during odd times.

He pointed out that a properly functioning BOST would surely serve as an instrument for maximising the return the nation could drive from the Africa Free Trade Continental arrangement through the importation and re-export of petroleum products in the West African sub-region which would shore up the country’s reserve and contribute to the stability of the exchange rate.