Ardova Plc has held a ground-breaking ceremony to commemorate the ongoing construction of its 20,000 metric tonnes Liquefied Petroleum Gas (LPG) storage facility to be ready by December 2022.
The Chief Executive Officer of Ardova, Mr Olumide Adeosun, in a statement on Saturday said that the LPG facility is located at the company’s Ijora-Lagos Campus.
According to him, sitting on 8.8 hectares, it underscores Ardova’s commitment to grow revenues from cleaner fuels.
“This event marks an important step in our evolution to an integrated energy company.
“This is as it draws us closer to our projection of a future where renewables and cleaner fuels represent a considerable segment of our product offering and balance sheet.
“This facility, when completed will be West Africa’s largest LPG storage complex, placing Ardova at the top of the industry in receiving, blending, storing, and distributing the product to both commercial and retail customers.
“It also indicates the direction of travel for our company, as it spotlights our confidence in LPG as the fuel of the future in Nigeria, in congruence with both the Nigerian government’s gas expansion plan.
“Which seeks to make LPG mainstream at the end of the decade and the present growing rate of in-country consumer adoption of the product,” he said.
Adeosun also explained that Ardova’s investment in the facility superseded the expected commercial returns, as the company was equally focused on the positive environmental and human impact that increased access to gas will create.
Adeosun noted: “We are also particularly interested in the improved socio-economic prospects it portends for citizens of our beloved country, especially rural consumers.
“Whose reliance on biomass such as firewood makes them vulnerable to attendant health risks and reduces much needed ground cover provided by trees at alarming speed.
“By December 2022, when construction is completed, we will have a facility that will be both best in class and future ready.
“The firms involved in the construction, fabrication, and sourcing of every single component to be used in this project have been benchmarked against the highest standards of Engineering, Procurement, and Construction (EPC) management, as well as Health, Safety and Environment (HSE) specifications.
“I am confident that we will deliver a world class facility that will continue to yield results for the company in decades to come,” he added.
