CBOD Defends Quantum Terminals and Blue Ocean as Key Contributors to Ghana’s Downstream Petroleum Sector
The Chamber of Bulk Oil Distributors (CBOD) has expressed concerns over the recent decision by Liquefied Petroleum Gas Marketing Companies (LPGMCs) to terminate business relations with Quantum Terminals and Blue Ocean Investments Limited, two reputable entities within Ghana’s downstream petroleum sector.
The CBOD averred that the LPGMCs’ decision to sever ties with these companies undermines the broader efforts of the government, the NPA, and other stakeholders in promoting LPG usage in the country.
In a statement released on August 22, 2024, the CBOD emphasized that both Quantum Terminals and Blue Ocean are fully compliant with the National Petroleum Authority (NPA) Act 691 and have made significant contributions to the infrastructure of the country’s LPG sector.
“Quantum and Blue Ocean have over the years contributed to the infrastructural development of the downstream by investing in Quantum Terminals and Tema Multi-Purpose Terminals (TMPT), contributing to about 9% and 14% of private sector petroleum products storage capacity respectively,” quipped the CBOD.
Further highlighting the substantial financial commitments made by the two companies in the Liquefied Petroleum Gas (LPG) industry, particularly in the Cylinder Recirculation Model (CRM) aligning with the Government’s goal of increasing LPG usage to 50% by 2030.
“Their commitment to this initiative is evident in their over $30 million investment in bottling plants, storage facilities, and cylinders, as well as a $70 million investment within the next 18 months,” added the CBOD in its statement.
While advocating for the protection of local enterprises, the CBOD cautioned against the proliferation of misinformation that could unjustly malign the reputations of Quantum and Blue Ocean.
In support of local content initiatives, the CBOD pointed out that both Quantum and Blue Ocean adhere to the Ghanaian Content and Participation Policy established by the Ministry of Energy, which promotes local workforce engagement in the downstream sector.
Further stating that their partnerships with local LPGMCs and transport companies bolster the growth of the Ghanaian economy. The Chamber has therefore called on the LPGMC for constructive dialogue to address the issues and foster collaboration within the sector, emphasizing that a competitive business environment is vital for innovation and growth.
In solidarity with Quantum Terminals and Blue Ocean, the CBOD called for a swift resolution that is beneficial for all stakeholders involved, encouraging LPGMCs to collaborate with regulators and relevant stakeholders and asserting that a united approach is critical to ensuring nationwide access to safe LPG by 2030.
