In the face of the myriad of problems confronting the downstream sector of the petroleum industry, shareholders of Conoil Plc have been assured of a rosy future for their investments.
Reliving the challenges bedeviling the industry at Conoil’s 45 th annual general meeting held at the weekend in Uyo, Akwa Ibom State, its Chairman, Mike Adenuga assured that the future of the company was bright and secure, while also predicting a brighter future for the nation’s economy.
He asserted: “Our company’s long term future is assured beyond any doubt,” adding that, “conscious efforts will be directed at achieving better execution, especially in the areas of marketing and customer management. Greater attention would be devoted to cutting costs of operations in the different segments of the company’s business, while maintaining and improving on the quality of its products and services.”
According to Adenuga, the operating environment in 2014 was a very difficult one for operators in the downstream sector as they relied mostly on importation of petroleum products to meet domestic demands due to lower output from the local refineries. This, he stated, came at a high cost due to depreciation value of the Naira and high bank charges.
Reiterating the challenges all major marketers are battling with, Adenuga highlighted N264 billion, as at the end of 2014, outstanding subsidy claims, also comprising of foreign exchange differentials and bank interests.
As part of the strategy to shore up its bottom-line, the Chairman revealed that the company would consolidate its leadership position in the lubricant market by offering bouquet of quality lubricants to consumers as well as building new production lines to increase capacity.
Continuing, he stated that: “As the leader in the aviation jet fuel market, we are boosting our fuel dispensing capacity by acquiring additional state-of-the-art bowsers to meet the growing list of our local and international clientele of airlines.”
The Chairman also assured shareholders that the company would remain committed to its goal to be in the forefront of refined petroleum products marketing with double-digit growth. He promised that the company will leverage on its well-established distribution strength, bringing delightful innovations into marketing and distribution of its products by giving greater value to its teeming customers and shareholders.
Adenuga also paid glowing tribute to its workforce noting that a performance driven culture, engendered by improved and structured management system has been established by the company in all areas of its business.
“As we look forward to our employees’ unrelenting dedication to our corporate goals, we will continue to give priority to their professional fulfillment, their work-life balance and their ability to contribute equally as part of a diverse workforce,” he promised.
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