Ghana Oil Company

Ghana Oil Company
Public
Traded as GSE: GOIL
Industry Oil and gas industry
Founded June 14, 1960
Headquarters House. No. D659/4,
Kojo Thompson Road,
Accra, Greater Accra, Ghana
Key people
 Patrick Akorli (CEO)[1]
William Asomaning (Chairman)[1]
Products Petroleum
Natural gas
Petroleum products
Owner Government of Ghana
Website www.goil.com.gh
Goil in Accra

Ghana Oil Company, also known as simply GOIL, is a Ghanaian oil and gas company. They are listed on the stock index of the Ghana Stock Exchange, the GSE All-Share Index. It formed on June 14, 1960.

History

GOIL was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products particularly fuels, liquefied petroleum gas (LPG), lubricants, bitumen, and speciality products in Ghana.[2] The shareholders were AGIP SPA of Italy and SNAM S.P.A. On the 16th of December 1968, SNAM S.P.A. transferred its 10% shareholding representing 95,000 shares to Hydrocarbons International Holdings of Zurich, Switzerland.[2] The Government of Ghana in 1974 acquired the shares of AGIP SPA and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name of the Company to Ghana Oil Company Limited.[2] By a shareholders resolution passed on August 1, 2007 the Company adopted new regulations and was converted into a public Company.[2]

On 4 June 2015, a GOIL fuel station in Accra exploded. The station had been used as a shelter for victims of the 2015 Accra floods, and the disaster was compounded by floodwaters as gas floated and spread. The death toll was at least 150 people.

Operations

The Company's main business is marketing and distribution of petroleum products in Ghana. The biggest chunk of its sales comes from the sale of Diesel and Gasoline.[2] The Company is manned by a ten-member management team headed by the Managing Director.[2][3]

These offices also serve as distribution points for the company’s products. However, the main distribution points for fuels are Liaison Office, Central Depot, and the Accra Plains Depot all within the Tema catchment area, and the Takoradi Depot.[2][3]

GOIL has the largest retail network across Ghana. The company also has numerous consumer outlets throughout Ghana.[2][3] The consumer outlets include companies, schools, hospitals, factories, hotels, banks and major parastatals.[2] In addition, GOIL has a number of other retail outlets established to market premix fuel and kerosene to rural areas in Ghana.[2][3] LP Gas filling plants have also been installed at some of the filling and service stations and at other locations in Ghana.[2][3]

Currently, GOIL's technical partners are ENI SPA (AGIP) of Italy.[2]

See also

References

  1. 1 2 Ghana Oil Company - Management Team. goilonline.com.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 Ghana Oil Company (GOIL) - Operations and overview. goilonline.com.
  3. 1 2 3 4 5 Ghana Oil Co Ltd (GOIL.GH). reuters.com (Reuters).
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