Institute of Energy Security entreats the Bulk Oil Storage and Transportation Company to strategically keep oil reserves to prevent price hikes

The Institute of Energy Security (IES) has called on the Bulk Oil Storage and Transportation Company (BOST) to strategically store enough oil to protect the country in an emergency period.

BOST

According to the IES, the country would be at risk if prices of oil increase considering the current state of the BOST.

The energy think tank added that BOST for the past three years has not been able to strategically store enough oil to cushion the country in an emergency period.

The Executive Director of the IES, Paa Kwesi Anamuah Sakyi, told Accra-based Citi FM said consumers will be greatly affected if the government fails to implement measures to store fuel when the world price drops.

His comment comes after the opposition National Democratic Congress argued that there is little or no strategic fuel reserve the country can rely on should there be an emergency.

But Mr Anamuah Sakyi said: “There could be an incident that will make it difficult for a vessel to berth and discharge your oil. In that manner, every country is making a conscious effort to keep some level of finished products in their system so that if there is any challenge, at least from six to eight weeks, they can have some form of relief without calling for any form of importation.”

Meanwhile, the Management BOST is confident of turning around the fortunes of the loss-making entity.

The CEO of BOST, Edwin Provencal said the GHC64 million credit facility, which was sourced to boost the trading position of BOST, was completely settled last month.

He said it would take an amount of US$150 million to turn around the operations of the company.

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