KUNLE KALEJAIYE
NIPCO Plc said that it was poised to acquire marginal fields and
deepwater acreages in the upstream sector through its subsidiary, NIPCO
Upstream Limited.
The Chairman of the company, Dr. Bestman Anekwe, who said this
at the Annual General Meeting of the company in Abuja, expressed confidence
that this would be realised in the next licensing round slated by the Federal
Government this year.
Anekwe told shareholders that a lot of inroads have been made in
this regards, adding that the company’s focus in the year is to build a
formidable petroleum company, and to deliver greater value to both customers
and the shareholders.
He said: “It is pursuant to this goal, that your company is
poised to acquire marginal fields and deepwater acreages in the upstream sector
through our subsidiary, NIPCO Upstream Limited. A lot of inroads have been made
in this regard and we are confident that this will be realized in the next
licensing round slated by the Federal Government in the first quarter of this
year.
“Our retail division is growing beyond leaps and bounds. We are
determined to grow our outlets to 200 by the end of this year.
“Our foray into the Compressed Natural Gas project is yielding
desired results and is second to none in the West African sub region. We have
expanded this from Benin City to Warri, and Asaba (Delta State), Onitea (Ondo
State) and now Ibafo (Ogun State). Ibadan is next on line.
The phenomenal movement is gathering momentum and we will not
stop until every car in Nigeria runs on Natural gas.”
On the distribution network in the Liquefied Petroleum Gas (LPG)
market, Anekwe said “More cylinders and accessories have been provided to
deepen LPG utilisation as domestic cooking gas.
“It is also pertinent to recall that we commenced our
diversification into lubricants with the franchise for Lukoil. We have recently
introduced Shell lubricant which is one of the premium brands in the
international market and is consistent with the brand policy of NIPCO.
“Gradually as our market develops, we are planning to go into
blending of quality lubricants in the country which will be of very high
standards. We hope to leverage on our growing retail outlets and our partnering
stations across the length and breadth of the nation to grow a robust customer
network base for both retail and industrial customers.
“It is our firm belief that all great companies were built with
the spirit of team-work and constructive partnership. Without your help,
support and loyalty over the years, NIPCO would not have become the corporate
icon it is today.”
He also informed the stakeholders that the company has been
accorded the status of major marketer by the PPMC.
“I equally have the pleasure to inform you that due to our
growing investment in retail outlets and other trailblazing activities in the
downstream sub sector, your company was accorded the status of major marketer
by the PPMC,” he said.
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