Engen acquires assets of Chevron in seven sub-Saharan Africa

Accra, Jan 22, GNA - Engen Petroleum Limited, the African downstream petroleum products refiner and marketer at the weekend disclosed that it has acquired the assets of Chevron in seven countries in sub-Sahara Africa.

“We have completed the integration process, now the sky is the limit as we seek to become the champion in Africa,” Mr Henry Akwaboah, Managing Director of Engen Ghana stated at an award ceremony in Accra.

He said Engen as an Africa-based energy company which focuses on the downstream refined petroleum products market and related businesses would use the acquisition to penetrate and offer sub-Sahara Africa quality for service.

Mr Akwaboah assured its customers that the company would continue to operate in its core functions – refining of crude oil, the marketing of primary refined petroleum products and the provision of convenience services through its extensive retail network.

He therefore called for total commitment among workers as the Engen brand of petroleum products embarked on a road to greatness – an exercise that will result in an organization and a brand that embodies the essence of a true champion.

He noted that the “Road to Greatness” rests firmly on four pillars: Service and Relationships; Care; Innovation and Positivity towards work.

Mr Kwaku Agyemang-Duah, Industrial Coordinator of Association of Oil Marketing Companies (AOMC) who chaired the award ceremony, renewed the call for a national debate on full deregulation of the petroleum sector.

He explained that full deregulation of petroleum in the country was a necessary step to ensure a more balanced supply and ensure sustainability.

He said due to the constant rise of the price of crude oil on the world market and an impending debt, the state could not continue to provide fuel at such low cost since it would hamper development of other sectors and added "a permanent solution is full deregulation".

"As a country we have to decide whether the state should or should not interfere with the pricing, export and importation of oil products….large business establishments and government corporations can also import their fuel requirements," he said.

He said deregulation would lead to the attainment of maximum efficiency in investments and operational performance and to ultimately meet standards on quality and safety at equitable prices.

The AOMC Industrial Coordinator said: "We must not shy away from the issue we should face it, debate and immediately decide on the way forward."

Mr Yaw Agyemang-Duah, former Managing Director of Ghana Oil Company (GOIL), commended Engen Oil for its aggressive marketing operating system which has propelled the company to compete with otherwise industrial giants in the country.

He urged workers in the Oil Marketing Industry to adhere to environmental and safety regulations.

In all 25 personalities were awarded for their contributions to development of Engen in the country.