The Bulk Oil Storage and Transportation (BOST) Company recorded a profit of GH¢31 million for the year 2020.
The sterling performance was due to prudent management practices despite a difficult year due to COVID-19 whereby oil prices plummeted.
Speaking at a media engagement organized by the State Interests and Governance Authority, Managing Director, Edwin Provencal, said his outfit has settled most of their debts, hinting about venturing into the business of storage of liquefied petroleum gas.
“In terms of management performance for 2020, we budgeted to make a loss of GH¢81 million, but the effort of the staff and the board enable us make a profit of GH¢31 million. We also have a new product of LPG. So if we branch into selling and exporting LPG – that is a new product in an existing market.”
Chief Executive of Ghana National Gas Company, Dr. Ben Asante, however said his outfit owes the Volta River Authority $845 million.
According to him, cash flow has become a major challenge in the energy sector.
“Ghana Gas at the end of 2020 owed about $845 million but about half of that belongs to GNPC,” he said.
The State Interests and Governance Authority organised the maiden edition of the weekly series of media engagements, aimed at sharing stories of stated owned enterprises.
BOST and Ghana National Gas Company were the first SOEs to share their stories.
