After consolidating its decades of existence with the acquisition of majority shares in Eterna Plc and increasing its downstream asset base with three ultra-modern petroleum product storage depots in Lagos, Delta, Cross River States, Rainoil Limited, a publicly listed downstream oil and gas company, in Nigeria, has promised to boost the country’s economic development by deepening in-country gas penetration.
Dr. Gabriel Ogbechie, Group Managing Director of Rainoil Ltd., made this known in a statement obtained by EnergyDay at the weekend, in commemoration of the company’s 25th anniversary.
Recall that Rainoil Ltd successfully purchased majority shares of Eterna Plc, through its investment arm – Preline Limited.
According to the GMD Rainoil, Rainoil is committed to development of the petroleum downstream value chain, an arm of the entire petroleum industry critical to Nigeria’s economic growth.
Dr. Ogbechie said that in line with the nation’s energy transition process that Rainoil is making great effort in boosting the economic development of the country with its sterling efforts, to ensure in-country utilization and deepening of gas penetration in the county.
He said, “Rainoil Ltd. which started operations in May 1997 , had grown to become a prominent and dominant player in the Nigerian oil and gas industry, providing employment opportunities for about 2,000 Nigerians.
“In the last 25 years, we have been able to achieve great feats in the downstream sector of the Nigerian oil and gas industry.
“From the retail business, where we now have presence in 26 states with over 130 stations, to being the only player in the downstream sector with bulk storage facilities strategically located in three key locations in the country.
“We equally established the company, Rainoil Logistics Services Ltd., which drives the delivery of our energy products to our esteemed customers nationwide.
“We have also recently deepened Liquefied Petroleum Gas (LPG) penetration in the country with the launch of our ultra-modern 8,000MT LPG storage facility in Ijegun, Lagos.”
Ogbechie said Rainoil Ltd. has continued its upward trajectory through strategic planning, innovation and creating a conducive working environment for its employees.
He further noted that the company had also ensured that it gave back to the society and its host communities through its various Corporate Social Responsibility (CSR) initiatives.
According to him, the initiatives included construction of a block of classrooms at Oghareki Grammar School, Oghara, in Delta, distribution of educational materials to students, health care interventions and sports development among others.
He said going forward, the company would key into the ongoing transition to cleaner sources of energy including the Federal Government’s autogas plan, which was aimed at reducing Nigeria’s dependence on petrol.
Ogbechie, however, advised the government to remove subsidy on petrol, adding that the humongous amount spent on subsidy was draining the nation financially.
He said the money saved from the removal of subsidy could be channeled to funding other critical areas, especially education.
Foluso Adeyemi, Head of corporate communication, Rainoil ltd while highlighting activities to celebrate the company’s 25th anniversary the company disclosed that the celebration will start from May 2022 till the end of the year.
According to her, some of the activities include a novelty march with the sister company and give-away prizes to Rainoil customers in various Rainoil stations across the country.
EnergyDay gathered that Rainoil Limited has within 25 years increased its asset base by controlling a fleet of over 140 petroleum product tank trucks for delivery of products to its network of stations and customers across the country.