Eterna plc reviews investment opportunities in LPG, power and modular refinery
Eterna plc is reviewing investment opportunities in the energy sector with the aim of contributing its quota to the economic growth of the country, this is even as the Nigerian National Petroleum Corporation (NNPC) has just recently awarded to the company contract to blend the corporation’s brand of lubricants at its plant.
Lamis Shehu Dikko , chairman of the company who disclosed at the Nigerian Stock Exchange during the closing Gong ceremony also stated that the is looking in to expanding its Liquified Petroleum Gas business as it finalizing agreement that would it expand it gas plant.
With this development he said it would be in position to command a good share of the LPG market in the country. He said even though the management and board of the company have yet to finalise what is to be spent on the expansion project, he believes that Nigerians would be the greatest beneficiary of the projects, as it would widen the scope of users of LPG and help to save our environment as there would be less use of fire wood which has serious environmental impacts.
“We are finalizing plans for a nationwide rollout of LPG plant”, he said.
The chairman of the company who spoke at the Nigerian Stock Exchange during the closing gong said that the company is also considering investment opportunities in the power sector and downstream sectors of the petroleum industry with it eyes on setting up modular refineries.
He also spoke of the plans to expand the company’s retail network, saying that the company has obtained requisite approvals from the authorities in some states to construct mega stations. The mega stations are to be constructed Abuja, Kaduna and Calabar and are planned to for completion before the end of the year.
On aviation business, he said: “We are a major participant in the Joint User Hydrant Installation (JUHI 2) project which is close to completion at the Murtala Mohammed Airport, Ikeja, Lagos.. The JHUI is expected to commence business operations which is the supply of aviation fuels before the end of year”.
The company he said has recently executed and expanded manufacturing and distribution agreement with Castrol, a South African company, for the Automotive and industrial sectors. This means an enhanced portfolio of Castrol lubricants will now be blended locally, therefore substantially reducing its imports of finished goods.
This is not only good for the company, but also great for the Nigerian economy in line with the Federal Government renewed drive to expand the manufacturing sector.
The company is the preferred counter-party for major international oil companies because of its robust risk management, operational and credit management process, this is why despite the harsh economic environment, international trading counter parties continue to open lines of credit to the company for supply of petroleum products, the chairman said.
Olusola Bello