11PLC, the operator of Mobil oil and brands, has upgraded its investment in premium motor spirit (petrol), liquefied petroleum gas (cooking gas), aviation turbine kerosene (jet fuel), and lubrication plants, among others, after five years of taking over.
It was revealed in a tour of the facilities that two cooking gas tank farms, one jet fuel tank farm, two petrol tank farms, and lubricant plants were added among others since the new investors took over in 2017.
Tunji Oyebanji, managing director of 11PLC, said that millions of dollars have been invested in the company, resulting in significant improvements in all areas of its operations.
“The new owner is very bullish about Nigeria, we have therefore invested significantly in raising the profile of the company. So, we expect it to continue to perform very strongly in the years to come.
“With the investments, we are well poised for whatever developments may come along with the incoming government,” he said. “There may be policy changes, but we believe that with the investments that we have made, we are well positioned to take advantage of whatever changes that may come with the new government or changes in the economic environment.”
ExxonMobil sold its 60 percent stake in former Mobil Oil Nigeria Limited to NIPCO Plc, the parent company of 11PLC, on April 1, 2017. Since then, 11PLC has made significant investments in its facilities to increase productivity and meet market demands.
During the tour, 11Plc said it had repaired the aviation fuel (ATK) loading gantry, which had been inoperable prior to the takeover.
“The gantry can now load approximately 35 trucks per day, with a capacity of 70 trucks per day when all four loading arms are fully loaded.”
In addition, the company displays four massive storage tanks for white products. Three of the tanks have a capacity of 45 million liters for petrol and one has a capacity of 21 million litres for aviation fuel.
The company said it has completed a massive turnaround at the lubricant manufacturing plant, increasing production capacity from 11,000 barrels per month to 26,000 barrels per month.
“We are expanding our LPG filling plants across the country, and its storage capacity has already been increased to 8,000 metric tonnes,” said Oyebanji.
In addition, he said that the company has already begun exploring the Compressed Natural Gas (CNG) market by building facilities in Ibadan and Lagos.
“We continue to see improvements,” Oyebanji said. “All of the investment that has been made in the last few years has rarely been in upgrading the company and bringing out more value.”