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VideosDecember 05, 2023
William Tewiah on ZEN Petroleum: A Journey from Mining Sector Dominance to Retail Triumph
- Written by Sandra Francisco
- Published: December 05, 2023
William Tewiah, Founder and CEO of ZEN Petroleum, presents the Ghanaian-owned oil marketing company that has established itself as the market leader in supplying fuel and lubricants to mines in Ghana, with a fast growing retail network.
"ZEN Petroleum commenced its journey in 2010, initially focusing on the mining sector. An opportunity arose as mines faced significant challenges in procuring clean diesel for their equipment, consuming approximately 330 million liters annually, constituting about 6% of the downstream sector. Notably, Gold Fields, a prominent mining entity in Ghana, encountered such difficulties, providing the gateway for our involvement. We initiated by securing a contract with Gold Fields to supply 50% of their volumes, marking the inception of ZEN Petroleum. Our growth trajectory has since made us the largest fuel supplier to mining companies in Ghana. Interestingly, during our early days, only multinational companies supplied fuel to mines, seemingly for reasons unbeknownst to me. The perception prevailed that only multinationals could meet the unique service requirements or demands. This sparked my curiosity, considering that these multinationals sourced fuel from Ghanaian bulk distribution companies (BDCs) and utilized Ghanaian transporters. Thus, my journey with ZEN began as a pursuit of understanding why such services were seemingly reserved for multinationals. This curiosity still drives us, signifying the continuous exploration of possibilities", says William Tewiah.
"Initially focused on mining, we expanded our footprint to Burkina Faso, Mali, Guinea, Liberia, and Côte d'Ivoire. While supplying substantial volumes to mines in Mali showed promise, logistical challenges and regulatory constraints compelled us to reassess. Subsequently, we shifted our focus to the deregulated retail space in Ghana, seizing the opportunity that emerged. This strategic move marked our entry into the retail sector in Ghana, where our market share solidified", he adds.
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