Financial Energy Review
To further deepen its Liquefied Petroleum Gas (LPG), popularly called cooking gas, NIPCO Plc has announced plans to deploy skids and bottling plants across Nigeria.
Its Managing Director, Mr Suresh Kumar, disclosed this on the sidelines of the company’s 16th Annual General Meeting held recently in Abuja.
He said the company was able to make steady progress during the 2019 financial year “mainly due to our state-of-the-art facilities, exemplary management team and staff who had given fillip to the broad operational principles enunciated by the board of directors”.
Kumar added that the company’s backward integration prospects received a boost on several fronts, including the development, evacuation and utilization of natural gas in Kwale, Delta State.
“Our strength in the Liquefied Petroleum Gas sub-sector is commendable as the massive storage facility is still a big plus for us as well as regular supply all year round.
Also worthy of note is our growing pedigree in Automotive Gas Oil (AGO) bulk sales to industrial concerns across the country. Our LPG production initiative is still on course as we look forward to completion of the project cycle in 2020.”
He said the company’s Premium Motor Spirit storage and distribution facilities, coupled with hundreds of service stations, were part of its strength in the year under review.
According to him, conscious efforts are underway to expand NIPCO’s retail footprint across the country.
“The workforce as usual was the organization’s main pillar for which the success of the company rested a lot. It remains the greatest asset of the organisation,” Kumar said.
He said the company had continued to assist its host community and Lagos State at large in many fronts as a way of giving back to society.
The NIPCO boss said of special mention is the donation of computer sets and accessories to Apapa pupils to improve access to Information Technology tools.
“The efforts of management to take the company to the next level are expected to gather more momentum in 2020 with emphasis on the gas sector of the industry and the expectant crucial roles in the upward growth of the bottom line of the company.
Nipco Gas Ltd, recently inaugurated subsidiary, would serve as the vehicle to drive company’s operations and expansion across the country with a view to properly harnessing its potentials in the gas sector’’ .
Kumar who commended the new drive of the Federal Ministry of Petroleum Resources at looking for alternative source of energy with Compressed Natural Gas which could bring a change in the gas value chain and be an added impetus for the company in view of its investment in this area
“Our LPG exploits will also gain more attraction with the expected deployment of hundreds of skids and bottling plants across the country to ensure unfettered access to domestic cooking gas.”
According to the MD, the company’s massive storage of LPG is giving it an advantage as its Apapa depot allows for easy turnaround for vessels laden with gas, and giving avenue for scores off takers to store and take product to their filling plants.
