Since commencing operations in 2009, ZEN Petroleum has experienced a markedly consistent and substantial market growth, having achieved enviable status as one of the top 4 Oil Marketing Companies (OMC) in Ghana.
Led initially by its business in delivering fuel to mines, ZEN now builds from that solid base and sees rapid growth in the retail sector, with 31 service stations now operational across the country. This is in line with a vision of being the leader in the supply affordable, high-quality fuel for the ordinary Ghanaian.
Market growth
Between 2010 and 2019, ZEN had a compounded average growth rate of 24%, compared to the sector’s total compounded market growth of just 7%. ZEN’s year-on-year market growth rate has consistently exceeded the sector’s total market growth, highlighting ZEN’s increasing market share. Notably, ZEN grew its non-mining business by 70% in 2019.
ZEN’s Retail Director Prince Awuley has indicated that, the retail sector will lead ZEN’s continued market growth, and realignment of its customer base moving from B2B to B2C. It is anticipated that, ZEN’s B2C business should account for over 50% of volumes from 2022, as the company expects to maintain a solid and successful growth of its retail business; benefitting greatly from increased locations, and an unrelenting commitment to low priced, high-quality fuel at the right quantity.
Expanding Innovation
In September 2019, ZEN opened the first filling station in Ghana designed, constructed and operating in accordance with The Blue Book. It is equipped with double wall tanks, leak detection, overfill prevention, flame arrestors, oil separators and other key safety features.
This was done in recognition of the impact of innovation on efficiency, and most importantly in preventing accidents and losses. ZEN has greatly benefitted from The Blue Book, which is produced jointly by the UK-based Association for Petroleum & Explosives Administration (APEA) and the Service Station Panel of the Energy Institute (EI), with considerable technical input from other industry stakeholders in the UK.
Other innovation initiatives being implemented by ZEN include; live tracking of all delivery vehicles, call forwarding systems at all depots, including driver and vehicle recognition and automised dipping and stock taking of all inventories in various tanks.
Further, there are far advanced plans to also deliver a customer App that provides the latest information on network, pricing and offers, as well as improving on mobile payment systems already deployed to our outlets for convenience and to enhance safety associated with cashless transactions at the retail stations.
In addition to innovation and expansion efforts, all of ZEN’s existing stations are undergoing major refurbishments to create a network of modern user-friendly stations, where safety and customer service are at the forefront of the design.
