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Business News of Friday, 31 May 2019

Source: Myjoyonline.com

GOIL to build biggest bitumen plant in West Africa

Goil Company Ltd says it is on course to complete the construction of one of West Africa’s biggest bitumen processing plant in Tema.

The about $25 million plant expected to deliver quality bitumen for road construction in the sub-region is a partnership between the company and its Ivorian counterparts.

Besides the bitumen plant, the company has disclosed that it has begun the establishment of a gas plant for the cylinder re-circulation model in the country and looking forward to partner some banks to fund the projects.

Chief Operating Officer of Goil, Alex Josiah Adzew said "The contract has already been awarded and the contractor is working so I must say we're on course but it’s a very big project because as I indicated it's going to be one of the biggest processing plants in West Africa due to the quality of bitumen it will supply.”

Mr Adzew added “The only plant to supply AC10, AC 20 and the PMB, the quality of bitumen used for the construction of the N1 road and that's the product we want to bring to Ghana. It's going to be a game changer and we're partnering a company in Ivory Coast SMB, which already has a depot in Abidjan and very experienced in the management of such facilities.”

“I’m very confident that with the chart I have seen with the contractor, in 18 months the project should be completed."

Meanwhile, Managers of the Ghana Stock Exchange has made an appeal to Goil and other listed companies to consider using the stock market to raise funds for their infrastructure projects rather than resulting to bank's capital.

Deputy Managing Director of the Ghana Stock Exchange Ekow Afedzie made the call when Goil took its turn at the fact behind the figures.

There has been a remarkable performance by Goil in the year 2018 according to its financial report presented at the fact behind the figures.

On his part, outgoing Managing Director of Goil Patrick Akorli said the company will consider the call as well as working with the banks to raise funds.

Over the last five years, Goil profit after tax has grown by 20 per cent per year on average.