Thursday, June 2, 2011

Total Ghana upbeat about oil sector

Total Petroleum Ghana Limited has predicted that the local petroleum sector will continue to grow - number of oil marketing companies, products offerings, and customer expectations - its Managing Director Jonathan Molapo has disclosed.

“The importance of a sustainable and reliable fuel supply chain, logistics infrastructure is becoming a business imperative.

“Total Petroleum Ghana will continue to focus on profitable market growth, strengthen working relationships with all stakeholders and consolidate its position as market leader.”

Mr. Molapo told B&FT in Accra at the company’s annual general meeting that health, safety, environment and quality will continue to receive full management attention to ensure that it becomes a part of not only Total Petroleum Ghana’s culture, but of all of its partners.

He disclosed that the board approved increasing the investment budget in 2010 to GH¢16.292million from GH¢8.405million in 2009 and GH¢4.402million in 2008.

The increase in the annual investment budget has allowed the company to invest in its service station network, general trade installations and improve its logistics infrastructure.

Mr. Stanislas Mittelman, Board Chairman, explained that the company managed to grow sales volume by 12% over 2009 volumes.

“All business channels, Aviation, General Trade, Network and Specialties performed well,” he said.

The profit after tax for 2010 showed an improvement of 60% at GH¢21.046million as against GH¢13.166million as reported in the 2009.

The increase in profit can be attributed to the increase in sales volumes, continued improvement in the working capital management, decrease in the financial costs and overall improvement in margins through innovation and economies of scale.

“In order to inject greater efficiency into our operations toward enhancing customer satisfaction, we have undertaken major capital investments into our infrastructure across the county.

“We have upgraded our facilities at our Aviation Depot to enhance service delivery to our cherished customers,” he explained.

Mr. Mittelman revealed that service delivery to the mines has also seen massive improvement through the injection of capital into the various depots servicing that segment of the market.

Total Petroleum last year increased its investment by 43 percent, expanding its network of gas stations by a third. It spent GH¢12 million on the expansion of its Western Region retail outlets from 225 to 300 filling station.

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