Some dignitaries and media personnel at the presser
The Managing Director of Bulk Oil Storage and Transportation (BOST), Mr Edwin Alfred Provencal, has attributed the successes his outfit is witnessing to some sound policies put in place by the current management.
According to Mr Provencal, policies on Bonus, Human Resource, Finance, Field Operations, Health and Safety policy, Ethics and others has rescued the company from numerous challenges, spanning from finances to operations has given BOST a positive outlook.
“We put in place some fifteen policies that is now guiding our behavior in the company and I can say that is one of the few drivers of performance in our company.”
He made the comment at a news conference organised by the Ministry of Information in Accra yesterday.
Addressing the media, Mr Provencal said that prior to the implementation of the polices, BOST was saddled with more than half a billion-dollar debt comprising of trade liabilities, legacy loans, debt owed to Bulk Oil Distribution Companies (BDCs), capital expenditure liabilities and tax arrears. He also noted that the company had some unaudited accounts from 2015 to 2106.
However, BOST, based on a sound financial policy, has first of all been able to increase its revenue-earning assets from 43% to 95 %, the MD said.
He also noted that the company has been able to offset 92% of its loans, representing GH₵384m, noting that GH₵187m of the total money paid was from BOST’s Internally Generated Fund (IGF).
He also stated that the company has also paid an amount of $612m of its Trade Debt, representing 98% of the total debt and was left with only 2% to go, noting that $427m of this debt was also paid with BOST IGF.
He continued that the company has cleared all tax arrears and has also ensured that its accounts, starting from 2015 through to 2021 have been audited.
On the benefit of implementing a Field Operations policy, the MD said such a policy has led to the repair of 12/15 tanks in Kumasi, Buipe and Bolga, as well as the rehabilitation of six Tema-Akosombo Pipeline Project & B2P3 petroleum pipelines.
He again said that the company has been able to repair and spray four barges, extended eight pipelines to Jetty and installed new loading arms, pumps and mass flow meters at APD, Kumasi and Buipe.
He observed that BOST has now commenced export from its Bolgatanga depot to Mali and started a Front End Engineering Design for LPG tanks.
Mr Provencal also indicated that BOST has reduced Barge loading time from seven days to two days, as well as reduced inter-depot loading time from four hours to one hour and 30 minutes.
Aside these policies, Mr Provencal said the company has also put in place a risk and compliance unit that would identify risk and mitigate them before they become challenges.
He, however, observed that it would not have been able to register the success it is witnessing now, if it had not gotten some support from National Petroleum Authority and hence, expressed his appreciation to them.
Speaking on the way forward for the company, Mr Provencal said that BOST will focus on human capital development, engage in strategic trade and add more marine facilities to existing ones to boast their operations.
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