Who we are

The downstream Oil and Gas industry was partially deregulated in 2003. The deregulation of the sector led to the proliferation of companies, including Oil marketing companies (OMCs), Bulk Distribution Companies (BDCs) and Oil trading companies (OTCs). The BDCs were formed to address supply shortfalls by TOR which has been facing serious challenges in the funding of crude oil imports. The BDCs were introduced into the downstream oil and gas industry with the aim of bringing in more petroleum products to supplement what Tema Oil Refinery (TOR) produces. TOR, the only refinery in Ghana had faced challenges in meeting the increasing demand for petroleum products. There was therefore the need for the industry to have a professional pool of BDCs that have the capacity to supply the needs of over eighty (80) Oil Marketing Companies (OMCs) in the country and still counting.

The beginning of the third quarter of 2013 witnessed series of nationwide fuel supply shortages which persisted till the first quarter of 2014. The Bulk Oil Companies (BDCs) resorted to selling mostly on cash basis. Almost all the BDCs withdrew credit and demanded GOIL pay for all its product requirements with cash. The few BDCs that were willing to trade with GOIL on credit could not gurantee uninterrupted fuel supplies. The cash transaction business with these BDCs put a heavy toll on GOIL finances and ultimately a near halt to the whole business of GOIL, due to unavailability of fuel supplies and shortages at the pump at GOIL service stations nationwide. In order for the GOIL business to survive there was the need to secure a continuous supply of petroleum products to feed GOIL’s numerous retail service outlets and meet existing contractual agreements with our consumer businesses. GOENERGY Company Limited therefore had to be set up to source and secure the petroleum products requirements for GOIL.