•Invests in 40,000MT LPG storage plant
By Adewale Sanyaolu
Masters Energy Oil and Gas Limited says it is currently in talks with some foreign refineries to gain access to cheaper petroleum products, especially Premium Motor Spirit (PMS) also called petrol.
The firm also disclosed that the Dangote Oil Refinery and Petrochemical Industry Limited, last week, granted the company approval as an off-taker of its petroleum products. Group Managing Director of the firm, Mrs. Patience Dappa, stated this on the sidelines of the company’s senior management retreat held in Lagos at the weekend.
Dappa, said the removal of subsidy on petrol has created an opportunity for the company to begin importation of the product.
The GMD said the decision of the Federal Government to remove subsidy on petrol will encourage the company not to rely on NNPC Limited for the supply of petroleum products.
She equally added that the company has made fresh investments in the LPG sub-sector which was aimed at supporting the Federal Government’s Decade of Gas initiative to make gas the transition energy for Nigeria.
The Masters Energy GMD said the 40,000MT LPG storage facility located in Port Harcourt, Rivers State should come on stream before the end of next year.
She explained that the storage facility would come two phases. The first phase according to her, would commence operation with a 20,000MT capacity of LPG and propane while the second phase would follow with same capacity.
In the area of manufacturing, she said the company would be unveiling new product lines in the months ahead while diversifying more into the export space in order to earn more foreign exchange needed for its day- to- day forex demand.
On the essence of the senior management retreat, the Masters Energy boss said that remained a strategy to chart a path for the company in the New Year, brainstorm on new areas of investment, new product line and partnerships that would further create value for its numerous customers and create exponential growth for the company.
Also speaking, Executive Director, Operations, Masters Energy, Mr. Felix Eribo, said the company would be making massive investment in its retail outlet business with the addition of additional 50 filling stations before the end of the year.
Eribo said due to the leading position of Masters Energy in the downstream sector, a lot of players within that space have started approaching the company for franchise rights.
‘‘So it shouldn’t surprise you when you begin to see some retail outlets which you have known before now branded as Masters Energy. That is as a result of our painstaking efforts in indentifying those who share our core values and now given them the franchise rights.”
He added that the company would plant to increase its market share in the LPG sub sector by increasing the number of its skid plants by 19 in order to deepen cooking gas penetration and make it more accessible to Nigerians.