BUSINESSNEWS

Energy Minister swears in new BOST Board of Directors8-inch

The Energy Minister, Dr. Matthew Opoku Prempeh, on Friday, 6th August 2021, inaugurated the newly-constituted Board of Directors of the Bulk Oil Storage and Transportation Limited (BOST)

The Energy Minister, Dr. Matthew Opoku Prempeh, on Friday, 6th August 2021, inaugurated the newly-constituted Board of Directors of the Bulk Oil Storage and Transportation Limited (BOST).

The inauguration of the newly-constituted Board of the Bulk Oil Storage and Transportation Limited (BOST) took place at the Ministry’s conference room.

In the remarks of the Energy Minister, He reminded the Board of its mandate to manage the strategic petroleum reserve and transport petroleum products at its depots located throughout Ghana.

He further charged the Board to vigorously tackle the challenges of the company technically, financially and managerially and urged them to work harmoniously with NPA as the regulator of the industry to ensure that BOST delivers on its services to consumers seamlessly

BOST needs dynamism to achieve its key legal expectation of keeping petroleum reserves that will last up to 12 weeks minimum, which is crucial to Ghana’s economic growth, and he was confident the members of the board will be able to provide the leadership and direction required to ensure this.

Bulk Oil Storage and Transportation Limited

The Bulk Oil Storage and Transportation Company Limited(BOST) was incorporated in December 1993 as a private limited liability company under the Companies Act,1963 (Act 179) with the Government of Ghana as the sole shareholder. BOST has the mandate:

  • To develop a network of storage tanks, pipelines and other bulk transportation infrastructure throughout the country.
  • To rent or lease out part of the storage facilities to enable it generate income
  • To keep Strategic Reserve Stocks for Ghana
  • To own, manage and develop a national network of oil pipelines and storage depots
  • To manage the “Zonalization” policy of the National Petroleum Authority(NPA) and
  • To develop the Natural Gas Infrastructure throughout the country

In this regard, BOST is responsible for building strategic reserve stocks to meet a minimum of six (6) weeks of national consumption in the short and medium term and to increase stock level to twelve (12) weeks in the long term.

To adequately fulfil its mandate, BOST has developed a network of storage and pipeline infrastructure throughout the country. The Company currently has six (6) Depots nationwide. These are located in the Accra Plains, Mami Water, Akosombo, Kumasi, Buipe and Bolgatanga. Pipelines link the Tema Oil Refinery (TOR) to the Accra Plains Depot which in turn is linked to the Mami Water Depot and ends at the Akosombo Depot.

Another pipeline links the Buipe Depot to the Bolgatanga Depot. For petroleum products to reach the northern parts of the country, it is conveyed by pipeline from the Tema Oil Refinery through the Accra Plains Depot and Mami Water to Akosombo where it is loaded onto River Barges to Buipe. It is then conveyed to Bolgatanga by 261km- 8 inch pipeline.

The Depot in Kumasi receives products by Bulk Road Vehicles (BRVs) from the Accra Plains Depot. BOST has built four barges to convey petroleum products from Akosombo to Buipe for onward transmission to Bolgatanga. However the Bolgatanga Depot was recently recommissioned after several years of inactivity thus making it necessary for Buipe to feed Bolgatanga by pipeline.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
LIVE OFFLINE
track image
Loading...