GOIL PLC is preparing to enter the West African bitumen market by introducing innovative products, including polymer-modified bitumen (PMB) and bitumen emulsion.
This move is part of the company’s ongoing diversification efforts. GOIL started bitumen production in the last quarter of 2022 after constructing a bitumen terminal and production facility in Tema, Greater Accra Region, in collaboration with Société Multinationale de Bitumes (SMB) from Côte d’Ivoire in a US$45 million joint venture project.
– Advertisement –
While the immediate goal is to cater to the local market’s needs, GOIL’s long-term vision involves establishing its bitumen processing facility in Ghana, positioning the company as a direct competitor in the West African market.
The facility currently has an annual production capacity of approximately 7,500-8,000 metric tonnes for both PMB and bitumen emulsion.
– Advertisement –
GOIL aims to make a significant impact in the West African bitumen market, particularly through its PMB product, which incorporates polymers for enhanced durability and longevity of road surfaces.
The company’s decision to enter bitumen production aligns with Ghana’s infrastructure development plans, which require substantial quantities of bitumen for road construction and maintenance.
– Advertisement –
The partnership between GOIL and SMB ensures a consistent supply of raw bitumen material, enhancing product availability and competitive pricing.
This venture diversifies GOIL’s product offerings and aligns with its goal of expanding its presence in the market. Additionally, it is expected that producing bitumen locally will reduce the country’s dependence on costly imports and save foreign exchange.
Currently, Ghana imports bitumen from countries such as Côte d’Ivoire and Brazil for road construction projects. GOIL’s entry into bitumen production represents a significant step toward self-sufficiency in this critical infrastructure component.