Ghana Oil Company Limited changes to GOIL Company Limited

The Board and Management of Ghana Oil Company Limited (GOIL) will soon change their name to GOIL Company Limited.

The proposed change of name from Ghana Oil Company Limited to GOIL Company Limited would be among other issues to be tabled at the 50th Annual General Meeting slated for May 23.

A Notice of AGM to shareholders signed by Nana Ama Kusi-Appouh, Company Secretary and made available to the Ghana News Agency said as a result of the change of name, the AGM would empower the Board to alter its regulations to reflect the change of name.

The notice also indicated that the GOIL Board of Directors would receive the 2018 Accounts, receive and consider the reports of the Directors and Auditors and the financial statements of the company from January to December 31, 2018; and declare dividend for the year.

It would also elect by rotation Directors retiring by notation; and also authorise the Directors to fix the remuneration of the Auditors in accordance with Section 134 (6a) and Section 134 (11a) of the Companies Act 1963, Act 179 as well as fix the remuneration of the Directors.

The AGM would also consider a proposal for GOIL to be the local content partner of Exxon Mobile Exploration and Production Ghana (Deepwater) Limited through its wholly-owned subsidiary GOIL Offshore Company Limited in its exploration activities in respect of Deepwater Cape three-point Block Offshore of Ghana.

Meanwhile, in an interview with GNA, Mr Patrick Akpe Kwame Akorli, GOIL Group Chief Executive Officer expressed gratitude to its cherished customers for their loyalty to the GOIL brand.

“As the foremost indigenous Ghanaian OMC, GOIL is proud of its achievements. We are now the country's leading OMC. We have been recognised by the Ghana Investment Promotions Centre, the Chartered Institute of Marketing Ghana, Association of Ghana Industries, Ghana Entrepreneurs Association, and many other prestigious bodies and national organizations.

“We have achieved these without sacrificing health and safety standards as well as the quality of our products. GOIL means business and we have taken a significant step in attaining ISO certification and ratification.

“The future looks bright as we take giant steps in expanding aviation fuel facilities, investing in Bunkering storage, and the building of Liquefied Natural Gas and Bitumen plants.

Mr Akorli who is also the GOIL Managing Director explained that, the Board and Management believed that with the continued support of Ghanaians through the use of their purchasing power, “GOIL will continue to grow to become a successful Multinational Oil Company”.