Financial Energy Review
L- R : Manager ,Public & Government Affairs ,Adetayo Adepoju ; COO,Ramesh Virwani ; Managing Director, Tunji Oyebanji and Company Secretary , Olumayowa Meseko, all from 11Plc ( formerly Mobil Oil Nigeria plc ) during a media chat at the Company’s terminal tour in Apapa ,Lagos
…….. controlling 20 percent of lubricant market……
…..by Ben Ndubuwa…..
11 Plc, (formerly Mobil Oil) has invested millions of dollar on its operating facilites in Apapa, Lagos as it sets to take over two major downstream oil market.
The company with the recent upgrade of its Facilities will be having lion shares in the aviation and lubricant oil market.
Already the company after upgrading the production line for lubricant with over $1 million will be controlling 20 percent of the lubricant market and has upgraded its aviatoin fuel storage facility to 21 million liters capacity, the largest so far in the Nigerian downstream sector.
This is coming barely six years after the its new investors acquired the Mobil Oil and lubricant brands. The new investors in 11Plc is said to have seen the market potentials in these products and invested massively in these facilities to improve productivity and meet market demands.
On April 1, 2017, ExxonMobil had sold its 60 per cent share in former Mobil Oil Nigeria Limited to NIPCO Plc, a mother company of 11 Plc.
Managing Director, 11Plc, Tunji Oyebanji, during a facility tour and media briefing of the company in Lagos, said that the company has invested millions of dollars into the company and that has brought tremendous improvement in all areas of its business.
“The new owner is very bullish about Nigeria, we have therefore invested significantly in raising the profile of the company. So, we expect it to continue to perform very strongly in years to come.
“With the investments, we are well poised for whatever developments that may come along with the incoming government. Of course, you know, there may be policy changes, but we believe that with the investments that we have made, we are well positioned to take advantage of whatever changes that may come with the new government or changes in the economic environment,” he stated.
Taking the media through a tour of the facility, 11Plc said it has fixed the aviation fuel (ATK) loading gantry that was not working before takeover.
The gantry can now load about 35 trucks per day, with capacity to load 70 trucks per day, with four loading arms at full capacity.
Also, the company parades huge four storage tanks for white products. Three of the tanks are for petrol with 45 million liters capacity, while one is for aviation fuel with 21 million liters capacity.
At the lubricants manufacturing plant, the company said it has done a massive turnaround, upgrading from 11,000 barrels per month production capacity to 26,000 barrels per month.
On LPG, Oyebanji said that the company is expanding on its Liquefied Petroleum Gas (LPG) filling plants across the country, while it has already expanded its storage to 8,000 metric tonnes capacity.
He said that the company has already started exploring Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.
Oyebanji said: “We continue to see improvements and all the investment that has been made in the last few years have been rarely in upgrading the company and bringing out more value,” he said.
