SOL Energy, subsidiary of Star Oil, secures provisional BIDEC licence from NPA
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Star Oil is now venturing into the “Bulk Oil Distribution Space” as its subsidiary, SOL Energy, secures a provisional licence from the National Petroleum Authority to operate as a Bulk Import, Distribution, and Export firm (BIDEC).
The Chief Executive of Star Oil, Kwame Tieku, in a social media post today, described the move as a major milestone “in our backwards integration of their business.”
Some industry persons have stated that the move might go a long way towards helping Star Oil have greater control when it comes to the supply and pricing of petroleum products at the pumps in Ghana.
Some of these industry persons have also maintained that Star Oil, not having a bulk distribution firm, takes something away from the oil marketing firm when it comes to effectively competing in the industry, as competition among the top two players has intensified in recent times.
These industry players have also told JOYBUSINESS that the move could go a long way towards helping Star Oil consolidate its market share and enable the oil marketing firm to strengthen its position in the industry.
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