BOST readies for US$970million oil re-export market in Sub Region

The Bulk Oil Storage and Transportation Company, BOST is positioning itself to take advantage of a US$ 970million oil re-export market in landlocked nations within the sub-region.

BOST said it can take full advantage of the huge oil re-export market in Burkina Faso and Mali if non-tariff barriers are removed.

These landlocked countries import petroleum products through Ghana, but the Managing Director of BOST, Edwin Provencal, said non-tariff barriers continue to frustrate efforts to fully capitalise the over-US$970million market.

Mr. Provencal said this at a press briefing hosted by the Ministry of Information in Accra.

He stated the company will focus on oil re-export for next year.

“It is taking a multi-sectoral approach led by the Ministry of Energy and other partners. Critical to the plan is ensuring that non-tariff barriers which reduce trade are effectively dealt with”.

BOST has been exporting petroleum products to the two landlocked nations using its Bolgatanga depot in the Upper East Region, close to Burkina Faso; but now wants to go about it in a more deliberate manner under its aggressive export and expansion drive.

Source: GBCnews