Lagos, Dec. 29, 2023: Mr Adetunji Oyebanji, Chief Executive Officer, 11 Plc, says the company has commenced exploration of Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos respectively.
Oyebanji, who disclosed on Thursday in Lagos, that feat was part of the company’s commitment to intensifying the usage of the product and support for the new administration to further boost the economy.
“We have continued to see improvement in all the investments that have been made in the last few years by upgrading the company to higher pedestal.
He reiterated that the future of Liquefied Petroleum Gas (LPG), could not be emphasised in the growth and development of global economy, Nigeria inclusive.
The industry, according to him, is ready to collaborate with the Bola Tinubu administration to uplift the country’s economy to an enviable height.
Explaining the essence of the oil and gas industry to national economy, Oyebanji said his company, as a model, had invested massively on installations of LPG in 40 retail outlets nationwide.
Oyebanji said: “In terms of investment, we have done a lot as far as LPG installations is concerned.
“In several stations now, we are moving to close to 40 stations nationwide in our LPG installations, and we will continue to do this because we believe that LPG is the way forward.
“We have also invested in new gas station at the toll gate, lbadan, the Oyo State capitaland the station is now operational.
“With its massive investments in LPG storage and distribution infrastructure , 11 Plc. Gas is well-positioned to maintain a dominant presence in the country’s LPG industry for a long time.”
Oyebanji said that the company had expanded its filling plants across the country, noting that it had already expanded storage capacity to 8,000 metric tonnes.
He added that the company had already started exploring CNG market with the construction of facilities in Ibadan and Lagos.
“We continue to see improvement and all the investment that has been made in the last few years have been to upgrade the company and bring out more value.
“We are one of the six major petroleum products marketers in the country. Currently, we have over 250 retail outlets located in all 36 states of Nigeria.
“We are also respected in the industry for our high ethical standards and adherence to safety, health and environmental standards while playing a leading role in the promotion and sharing of best practices in the downstream sector of Nigeria’s oil and gas industry,” he said.
According to him, the firm has its fuel facility and an ultra-modern lube oil plant in Apapa Lagos, with a capacity of 300,000 barrels per annum and we are proud to be regarded as one of the most sophisticated in Africa.
Oyebanji said that millions of dollars had been invested in the company, resulting in significant improvements in all areas of its operations.
ExxonMobil sold its 60 per cent stake in former Mobil Oil Nigeria Ltd. to NIPCO Plc, the parent company of 11 Plc, on April 1, 2017.
Since then, 11 Plc has made significant investments in its facilities to increase productivity and meet market demands.