11 Plc Initiates Plant Construction in Lagos and Ibadan-CNG Expansion
Adetunji Oyebanji, the Chief Executive Officer of 11 Plc, has announced that the company has initiated the exploration of the Compressed Natural Gas (CNG) market by constructing facilities in Ibadan and Lagos.
In an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos, Oyebanji stated that this development is in line with the company’s dedication to promoting the usage of CNG and supporting the new administration to enhance the economy.
“We have continued to see improvement in all the investments made in the last few years by upgrading the company to a higher pedestal.
He emphasized the pivotal role of Liquefied Petroleum Gas (LPG) in the growth and development of the global economy, including Nigeria’s. Oyebanji expressed readiness for the industry to collaborate with the Bola Tinubu administration to elevate the country’s economy to an enviable position.
In elucidating the significance of the oil and gas sector to the national economy, Oyebanji highlighted that his company, serving as a model, has made substantial investments in the installation of LPG facilities in 40 retail outlets across the nation.
Oyebanji said: “In terms of investment, we have done much as far as LPG installations are concerned.
“In several stations now, we are moving too 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 a new gas station at the toll gate, Ibadan, the Oyo State capital, and 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 stated that the company has extended its filling plants nationwide, highlighting that the storage capacity has been expanded to 8,000 metric tonnes.
He also mentioned that the company has initiated exploring the Compressed Natural Gas (CNG) market by constructing 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
He mentioned that the company has a fuel facility and an ultra-modern lube oil plant in Apapa, Lagos, boasting a capacity of 300,000 barrels per annum and being recognized as one of the most sophisticated in Africa.
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Oyebanji highlighted that substantial investments, amounting to millions of dollars, have been made in the company, resulting in significant improvements across all aspects of its operations.
It’s noteworthy that on April 1, 2017, ExxonMobil sold its 60% stake in the former Mobil Oil Nigeria Ltd. to NIPCO Plc, the parent company of 11 Plc. Since then, 11 Plc has strategically invested in its facilities to enhance productivity and meet market demands.
