L- R: 11PLC Manager, Public & Government Affairs, Adetayo Adepoju; COO, Ramesh Virwani; Managing Director, Tunji Oyebanji, & Company Secretary, Olumayowa Meseko, in Lagos on Saturday.
To support the Federal Government drive to promote domestic gas utilisation in the country, especially in rural communities, 11 Plc has invested huge resources in the development of ultra-modern supply facility for liquefied petroleum gas (LPG), popularly called cooking gas.
The Managing Director of the company, Tunji Oyebanji, told journalists at the weekend about 11 PLC’s huge capital investment in massive gas distribution and supply facility upgrade cum expansion to drive its expansion and growth.
Oyebanji said the company’s cash position and operations remained strong and more significant towards its growth trajectory.
The ongoing expansion and business growth recorded in the company, he said, demonstrated its total commitment to sustainability and future stability.
He said the management of the company has huge investments in local and foreign currencies to upgrade the facility aimed at boosting domestic demands and operational efficiency at all times.
“11Plc is assiduously executing its growth strategy that will lead to sustained improvement in good returns on investment for its shareholders,” he said.
On April 1, 2017, ExxonMobil sold its 60 percent majority stake in former Mobil Oil Nigeria Plc to NIPCO Plc, following which the company’s name was changed to 11 Plc.
The strength of the company’s huge investment, he pointed out, was in its main lines of business – lubricants, LPG, ATK and PMS (petrol) was a key element of its growth in the industry.
“The strength of our portfolio and our financial capacity enables us to continuously evaluate our priorities and the pace of investments,” he said.
“Barely six years after acquiring the majority stake of ExxonMobil in Mobil Oil Nigeria Plc, 11Plc has invested massively in the facilities and human capital to improve productivity and meet market demands.
“The company has invested heavily in both human and material resources, a feat that has brought tremendous improvement in all areas of its business.
“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 these 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 added
The 11 Plc chief said the company has the biggest storage tanks for Aviation Fuel (ATK) with over 21 million litres capacity, adding that the company also replaced some loading gantries that were operational before the acquisition.
He said currently the gantries8 can now load about 35 trucks per day, with capacity to load 70 trucks per day, with four loading arms at full capacity.
He said the company parades four huge storage tanks for white products, with three of the tanks meantvfor petrol with 45 million litres capacity, while one is for aviation fuel with 21 million litres capacity.
On lubricants manufacturing plant, Oyebanji said =>the company has done a massive turnaround and presently has a market share of about 20 percent of the market share in the country
On LPG, he said as part of the company’s efforts to deepen the use of Liquefied Petroleum Gas (LPG) popularly called cooking gas, its increased its investment in LPG expansion.
He said 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 has already started exploring the Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.
“We continue to see improvements and all the investment that has been made in the last few years have contributed meaningfully to the rising profile of 11plc in the hydrocarbon industry,” Oyebanji said.
