GOIL gets new Managing Director

Accra, Aug. 10, GNA – The Board of Directors of Ghana Oil Company Limited (GOIL) on Tuesday announced the appointment of Mr Kojo Bonsu as Acting Managing Director (MD) with retrospective effect from August 1, 2011.

Mr Bonsu, a Member of the Board, will continue to act until the appointment of a substantive Managing Director.

A statement issued to the Ghana News Agency in Accra by the GOIL Corporate Affairs Department noted that the current MD Mr. Yaw Agyemang-Duah, who served with the Company for 16 years, retired with effect from July 31, 2011.

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. The shareholders were AGIP SPA of Italy and SNAM SPA.

On December 16, 1968, SNAM SPA transferred its 10% shareholding representing 95,000 shares to Hydrocarbons International Holdings of Zurich, Switzerland.

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.

By a shareholders resolution passed on August 1, 2007 the Company adopted new regulations and was converted into a public Company.

GOIL’s main business is marketing and distributing petroleum products in Ghana. The biggest chunk of its sales comes from diesel and petrol. The Company is manned by a nine-member management team headed by the MD.

The Company seeks to market quality petroleum and other energy products and services in all its branches in an ethical, healthy, safe, environmentally friendly and socially responsible manner and serve as a world-class provider of goods and services in the petroleum and other areas of the energy industry.