GOIL PLC, a leading oil and gas marketing company in Ghana, plans to expand its bitumen production and supply to the West African region. The company has introduced new and innovative products, such as polymer-modified bitumen (PMB) and bitumen emulsion, to meet the growing demand for road construction and maintenance demand.
The company started producing bitumen in the last quarter of 2022 after building a bitumen terminal and production facility in Tema, Greater Accra Region. The facility is a joint venture between GOIL PLC and Société Multinationale de Bitumes (SMB) from Côte d’Ivoire, a major supplier of bitumen in Africa.
According to a report by GhanaWeb, the facility has a capacity of about 7,500-8,000 metric tonnes per annum for both PMB and bitumen emulsion. PMB is a bitumen that is enhanced with polymers to improve its performance and durability. Bitumen emulsion is a mixture of bitumen and water that can be applied at lower temperatures and with less energy consumption.
The report quoted Kwame Osei-Prempeh, Group Chief Executive Officer and Managing Director-GOIL PLC, as saying that the company’s priority is to serve the local market at the moment, but its long-term vision is to build its own bitumen manufacturing plant and compete in the West African market.
“Our countries have gone to great lengths in recent years to improve the roads and reduce the number of administrative procedures,” he said. “If we can capture the Ghanaian market and generate more revenue, we will have the opportunity to expand into other West African markets.”
The report also cited some contractors who praised the quality of GOIL’s bitumen products and said they were among the best in the world.
GOIL PLC is owned by Mike Adenuga, a Nigerian billionaire businessman and the third richest person in Africa, according to Forbes. Adenuga has a net worth of $6.2 billion as of May 2021 and is the founder of Globacom, Nigeria’s second-largest telecom operator.
GOIL PLC’s bitumen project is part of its diversification strategy to explore new opportunities in the oil and gas sector. The company also produces and markets a range of petroleum products, including gasoline, diesel, kerosene, aviation fuel, lubricants, and liquefied petroleum gas. In addition, it operates six oil blocks in the Niger Delta region.
The company’s dividend payment of N1.73 billion ($2.2 million) to its shareholders for the 2022 financial year reflects its strong performance and commitment to creating value for its stakeholders. The company also expressed confidence in sustaining its growth momentum and overcoming the Nigerian oil and gas market challenges.
Source: GhanaWeb
