Accra, May 25, GNA - Fifteen companies presented proposals to partner management of Ghana Oil Company (GOIL) to undertake a re-branding exercise to position the company to scale the stiff competition in the oil industry. The proposals would be evaluated by a team and six companies selected to the next stage of the exercise, where they would be required to make presentation to management and board on plans for the re-branding. Speaking to journalists after receiving the bids, Mr Yaw Agyemang-Duah, Managing Director said the exercise was initiated in response to intense competition in the industry and the expected production of oil in the country later this year.

"Our intentions to intensify downstream businesses, and consequently midstream and upstream activities in Ghana, are also major factors in our decision to proceed along this path," he said. Mr Agyemang-Duah said a major objective of the exercise was to re-position GOIL for the next 50 years to take advantage of the many opportunities that were expected to emerge both locally and internationally. He was happy that local firms submitted bids in direct competition with well-established foreign firms in competing for the right to partner GOIL. 25 May 10