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Business News of Sunday, 25 December 2016


Ignore false reports on our 32 million cedis loss – BOST

The workers’ union of the Bulk Oil and Storage and Transportation Company (BOST) Limited, has shot down media reports that BOST has posted 32 million cedis between January and September this year.

The union described the publication as an attempt to run down the gains made by the company in the oil and gas sector since its establishment.

Addressing a joint press conference by the workers union of the Tema Oil Refinery (TOR) and the Bulk Oil and Storage and Transportation Company (BOST), the Chairman of the General Transport, Petroleum and Chemical Workers Union at TOR, John Elton Botwey, lashed out at the ‘faulting media outlets’.

“The Finder continues to publish palpable falsehood citing its dubious sources and concocted documents as propaganda tools to dent the reputation of these two profitable state agencies and its good management under the leadership of Kwame Awuah Darko,” he stated.

According to him, BOST will in the coming days declare its profits just as it recorded in 2015.

“For the records, BOST’s trading business has never been in the red since the company started trading; BOST will declare its end of year profits in the next few days to the people of Ghana and its workers as it does every BOST year and needless to emphasise again that even just in 2015 we made a profit of 124 million cedis.”

The workers further touted the achievements under the management of the exiting MD, Kwame Awuah Darko. Among them is the improvement in fuel security which they argue has been stable for the past thirty months with government effectively controlling the supply side of market forces under deregulation.

Also, the workers were highly commendable of Ghana’s ability to balance the current account deficit with foreign exchange from exports to Nigeria, Burkina Faso and other West African countries.

In addition, Mr. Botwey highlighted the monthly 100 billion dollars cut in importation of finished petroleum products due to the synergy between TOR and BOST. In a related development, the workers have watered down claims by MP for Assin Central, Kennedy Agyapong, questioning some figures quoted for a supposed evaluation report on repairing tanks at TOR.

“That document is incomplete, has no signature, has not been given to the GM, Technical and has also not been approved. TOR did a departmental estimate of cost of repairing the tanks and that estimated amount is higher than the proposed winning cost of the contract evaluation report. Therefore the document with the Honorable is not a valid document,” John Elton Botwey remarked.

Meanwhile, TOR is expected to increase its daily crude production already increased from 28,000 to 45,000 barrels, to 60,000.