Engen Ghana Limited on Tuesday commended the National Petroleum Authority (NPA) for adopting prudent security measures to deal with threats of petroleum black market dealers in the downstream industry.
“NPA in collaboration with the National Security and players in the downstream petroleum sector, worked together to deal with the emerging threat of Petroleum Black Dealers.
“There have been relative security and control, but all stakeholders need to constantly monitor these nefarious economic saboteurs and ensure that, they do not resurrect at the blind side of law enforcers,” Mr Henry Akwaboah, Managing Director of Engen Ghana disclosed in an interview.
Speaking on the performance of Oil Marketing Company (OMCs) in the first quarter of the year, Mr Akwaboah also commended the Ghana Revenue Authority which helped in blocking all the loopholes used to steal money through illegal means in the petroleum industry.
The MD of Engen Ghana also known as Mocoh Ghana Limited, recounted that in 2017, the Association of Oil Marketing Companies (AOMCs), launched an operation to combat Petroleum Black Market dealers to save the country from continuous loss of tax revenue needed for infrastructural development.
He said the AOMCs combat against Petroleum Black Market dealers worked in harmony with the NPA which has now yielded positive result, “we are all reaping from it, and I must commend the NPA and the stakeholders”.
On the performance of the sector in the first quarter, Mr Akwaboah explained that, “it has been a wobbly transaction climate as the business community was waking up from the Christmas holidays and other economic factors.”
Mr Akwaboah noted that movement in the world oil market coupled with the dollar impact on the local currency affected the OMCs profit margins; “we at times have to absorb the price increment in order to remain competitive and also reduce the impact on the ordinary Ghanaian.
“You must remain competitive to do business, not just necessary increasing profit margins”.
Meanwhile, Mr Akwaboah explained that the recent takeover of Engen Ghana by Mocoh Ghana Limited, which acquired 100 per cent shares would lead to the injection of new life into their operations in the Ghanaian market.
He said the transaction agreement was signed between Engen Holdings (Pty) Limited and Mocoh Ghana Limited on March 1, 2019. According to the agreement, Mocoh Ghana an affiliate of Reston Energy, a Ghanaian petroleum company would hold 55 per cent and the Mocoh Group 45 per cent shares.
The Mocoh Group, headquartered in Geneva Switzerland, has been operating in Africa for 21 years and is actively involved in the trading, logistics and the distribution of petroleum products across the continent.
The Mocoh Group has trading, supply and distribution activities in Nigeria, Senegal, Cameroon, Togo, Benin, Burkina Faso, Mali, Democratic Republic of Congo, South Africa and Madagascar, with an ambition to cover the continent.
Mr Akwaboah, therefore assured staffs and service station operators of continuity in service; in spite of the change, the brand identity of Engen Ghana Limited would continue to be displayed at all “our 22 Engen-branded service stations at least for the next five years”.
He said “our service stations would continue to be active players along the following business lines; wholesale/B2B, lubricants, Liquefied Petroleum Gas and bunkering businesses”.
He assured customers that services would be improved; and urged customers to have confidence in the brand.