SOL Energy, subsidiary of Star Oil, secures provisional BIDEC licence from NPA
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).
Star Oil's subsidiary, SOL Energy, has obtained a provisional Bulk Import, Distribution, and Export (BIDEC) licence from the National Petroleum Authority (NPA). This marks a significant step for the company as it expands into the bulk oil distribution sector. The Chief Executive of Star Oil, Kwame Tieku, expressed this achievement as a major milestone in the company's "backwards integration."
Industry observers believe this move will enhance Star Oil's control over petroleum product supply and pricing at the pumps in Ghana. They also argue that SOL Energy's bulk distribution capability will enable Star Oil to effectively compete with the current top two players in the market. The intensified competition among these leaders, according to these observers, has put pressure on the oil marketing firms.
Furthermore, the acquisition of a BIDEC licence could help Star Oil consolidate its market share, strengthening its position in the industry.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
