11Plc Invests Massively to Take Advantage of Free Market in Downstream Sector

Ejiofor Alike

Ahead of the next month’s target set by the federal government for the removal of petrol subsidy, 11plc has invested massively in readiness for the expected free market in the downstream sector of the oil and gas industry.

 Addressing journalists after a media tour of the company’s facilities in Lagos, the Managing Director of 11Plc, Mr. Tunji Oyebanji, disclosed that the new owners of the company had made millions of dollars of investment since April 1, 2017, when ExxonMobil sold its 60 per cent share in the former Mobil Oil Nigeria Limited to NIPCO Plc, the parent company of 11 Plc.

Oyebanji said the company made these investments to retain its leadership position in many areas of its business and also remain competitive in the event of the liberalisation of the downstream sector of the Nigeria’s oil and gas industry.

Highlighting some of the achievements the company has made in the past six years, Oyebanji said: “It has been an amazing journey. A lot of machinery has been upgraded; a lot of capacity has been added to what was in place. We have recorded significant achievements.

“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 years to come.
  “With the investments, we are well poised for whatever developments that may come along with the incoming government. Of course, you know, 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,” he explained.

Speaking on his company’s expectations from the in-coming government, Oyebanji said: “What we always clamour for is to have a free market. People talk about deregulation but I always tell people that there will always be regulation, at least, in the areas of health, safety and quality. But regulation should not apply to pricing and sourcing of products.”

Oyebanji said that the company was expanding on its Liquefied Petroleum Gas (LPG) filling plants across the country, while it has already expanded its storage to 8,000 metric tonnes capacity.
 He said that the company pioneered investments in the Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.
  
Oyebanji said: “We continue to see improvements and all the investment that has been made in the last few years have been rarely in upgrading the company and bringing out more value,” he added.

Speaking earlier while taking the media through a tour of the facility, the company’s Manager in charge of Public and Government Affairs, Mr. Adetayo Adepoju disclosed that the new owners had fixed the aviation fuel (ATK) loading gantry that was not working before takeover.