On April 1, 2017, ExxonMobil had sold its 60 per cent share in former Mobil Oil Nigeria Limited to NIPCO Plc, a mother company of 11 Plc.
Managing Director, 11Plc, Tunji Oyebanji, during a media briefing in Lagos, said that the company has invested millions of dollars into the company and 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 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 stated.
Taking the media through a tour of the facility, 11Plc said it has fixed the aviation fuel (ATK) loading gantry that was not working before takeover.
The gantry can now load about 35 trucks per day, with capacity to load 70 trucks per day, with four loading arms at full capacity.
Also, the company parades huge four storage tanks for white products. Three of the tanks are for petrol with 45 million liters capacity, while one is for aviation fuel with 21 million liters capacity.
At the lubricants manufacturing plant, the company said it has done a massive turnaround, upgrading from 11,000 barrels per month production capacity to 26,000 barrels per month.
On LPG, Oyebanji said that the company is 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 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 said.
