Kwame Osei-Prempeh
State-owned, GOIL Ghana Limited is investing in more elaborate, higher-valued products, including the polymer modified bitumen (PMB) production, starting in September, this year.
Group CEO of GOIL, Kwame Osei-Prempeh said at a media briefing on Thursday that they are acting timeously “to meet the changing world and consumer demands in an increasingly complex market.”
Mr. Osei-Prempeh stated that the company would continue to invest in its auto gas commodity and other new products as it seeks “to balance businesses and create more jobs in the country.”
According to him, GOIL is currently the market leader in the Liquefied Petroleum Gas (LPG) market and has clientele base comprising retail outlets and direct bulk consumers.
“It means we are looking beyond selling fuels. This is to move in tandem with the market trend and the changing world. The world is moving away from the use of fossil fuels, and our diversification reflects a need to cater for the evolving consumer and society’s requirements regarding clean environment and sustainability,” he said.
PMB production
Mr. Osei-Prempeh said GOIL’s bitumen production agenda is going to help build a resilient economy with free flow of goods and services.
He said GOIL would complete the bitumen plant construction in Tema by the end of September to supply PMB for the expansion of road networks, adding that they are positioning the state-owned company to become a major supplier of bitumen and producer of the best quality polymer modified bitumen (PMB) in the sub-region.
The internationally acclaimed PMB product, which is a processed product of raw bitumen, possesses a resilient and long-lasting feature capable of sustaining and preserving roads for a longer period of time than the regular asphalted roads.
The GOIL boss said the company is taking advantage of the government’s policy of year of roads to construct the PMB plant, bitumen emulsions plant and viscosity grade bitumen AC 10 and AC 20 for the local market, with plans for future export.
“When completed, the plant will produce the required volumes and other bituminous products sufficient to the needs of Ghana’s road construction sector, while reducing drastically the importation of bituminous products into the country and also to serve as an export material to other countries, particularly in the West Africa sub-region,” he emphasised.
“We are using current technology for the construction of the plant as well as formulations of grades from top American corporations. It is the expectation of GOIL that PMB will be changed from being an imported item to local supply in the ‘Construction Materials Master List’ for Ghana roads to be constructed at a cheaper cost,” he stated.
He said “this initiative would complement the efforts of importers of bituminous products in the road construction sector by cutting down cost and other import related hassles.”
By Ernest Kofi Adu