BOST MD adjudged Petroleum CEO of the year 2022 at 6th GEA

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Mon, 28 Nov 2022 Source: www.ghanaweb.com

Managing Director for state-owned enterprise, Bulk Oil Storage and Transportation Limited Company (BOST) Edwin Alfred Provencal has been adjudged the Petroleum Sector CEO of the year at the recently held 6th Ghana Energy Awards (GEA) in Accra.

One of the reasons for the honors follows the impressive turnaround in operations at BOST after it recorded massive losses over the years to now record GH¢160 million in profit terms in 2021, against a loss of GH¢291.07 million in 2020.

Since the appointment of its current Managing Director [Edwin Provencal] and Board, the state-owned enterprise undertook a number of strategies and measures which also saw the revival of three defunct depots, resumption of marine operations on the Volta Lake, refurbishment of petroleum product pipelines and storage facilities, among others.

Within the period, the company’s revenue from gasoline sales increased from GH¢140 million in 2020 to GH¢341 million in 2021 representing 144 percent while diesel sales also jumped from GH¢227 million in 2020 to GH¢331 in 2021, making an increase of 46 percent.

Speaking on the prestigious award at the 6th Ghana Energy Awards, BOST MD Edwin Provencal expressed his appreciation for the honors and lauded his staff and management team for their wonderful contributions and efforts thus far.

He however pointed out that BOST will continue to adopt key measures and strategies aimed at ensuring it remains profitable to deliver its mandate of fuel security for the country at all times.

Meanwhile, Board Chairman of BOST, Ekow Hackman who was also present at the event gave the assurance that the state-owned enterprise is well on course to becoming a force to reckon with along.

He added that the company will continue to adopt positive and emerging trends in corporate governance, among others.

The 6th Ghana Energy Awards is a prestigious award that looks at the contributions of companies, agencies and individuals in the country’s energy sector who have distinguished themselves in various fields of endeavor.

Some categories and winners for the night included the National Petroleum Authority (NPA) Ghana Gas Company Limited, Petroleum Commission, Energy Commission, Bui Power Authority, Electricity Company of Ghana, Ghana Grid Company and other SOEs and private institutions in the energy sector.

The guest speaker for the event was Vice President Dr. Mahamudu Bawumia.

Source: www.ghanaweb.com
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