Daily Independent (Lagos)
David Agba
6 October 2008
Abuja — After several years in limbo due to some unforeseen circumstances that caused a nose-dive of its operations, Eterna Oil Plc has resurfaced in the Federal Capital Territory (FCT) with the official opening of its Wuye district flagship petroleum products retail complex.
Eterna Oil, a quoted public limited integrated energy outfit, engages in the manufacturing and sale of lubricating oils, importation and bulk oil as well as retail sale of petroleum products, including automotive gas oil (AGO), or diesel; premium motor spirit (PMS), or petrol, base oils, bitumen, export of lubricants, bunkering, gas distribution and marketing, among other services.
The company said it was repositioning its operations in response to the competitive challenges in the nation's petroleum industry.
Arising from its technical trading relationship with BP-Castrol, Eterna Oil blends and supplies Castrol marine lubricants to the local fishing and shipping industry.
Eterna Oil entered the Nigerian market in 1991, before securing a part funding package from the International Finance Corporation (IFC)in 1996 to build the first Castrol certified 35,000 metric tones capacity lube blending plant in sub-saharan Africa at Sagamu interchange.
The company became a public limited company (PLC)in 1998, with its shares listed on the floor of the Nigerian Stock Exchange (NSE), emerging the leading marine lubricants marketer in Nigeria in 2001.
A major draw back for the company's operations was its involvement between 2001 and 2003 in the controversial acquisition of African Petroleum (AP)together with Sadiq Petroleum as co-core investor. The transaction was a flop, thus throwing it into a financial spin and distress, which claimed its major revenue assets (stations)in Abuja and Lagos There was a ray of hope for the company's recovery when in 2005 it began a restructuring and repositioning of its operations, which led to its winning the prestigious Pearl award in 2006 for achieving the highest turnover growth amongst publicly quoted companies.
During the recent commissioning of the Abuja mega station, Chairman of the company, Ade Ojo, said the retail outfit has been designed as a one-stop shop for the provision of services beyond mere fueling of cars, adding that there is programme to replicate the station in key business areas nationwide.
Managing Director of Pipeline Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC)in charge of marketing and distribution of petroleum products, Reginald Stanley, called on the Ministry of the Federal Capital Territory to allocate more prime lines to the territory for the establishment of more filling stations in the area.
According to Stanley, there are only 65 filling stations in Abuja, whereas over 100 stations are required to effectively service the area.
Stanley, who stated this while commissioning the flagship retail complex, declared that without more stations in the FCT, there would be a problem getting products distributed as the territory is according to him under-pumped.
He charged the management of Eterna Oil to ensure zero tolerance on corruption, urging them to maintain the high standard of services already set on ground by ensuring that their stations were not the rickety type.
The PPMC boss stressed that it was only when independent marketers look beyond outdated facilities that they would be able to attract good business to their organisations.
Assuring the Eterna Oil management of his support to facilitate their getting credit facility, Stanley expressed the hope that the company would metamorphose into a major oil company as its operations continue to expand. Managing Director of the company, Ibrahim Boyi, in his address said the company has grown from nil retail outlets to at least 15 distribution outlets spread across the country, with plans to open more outlets before the end of the year.
In addition to its ultra-modern BP-Castrol approved lubricants blending plant, Eterna Oil, according to Boyi, is the owner of 30 metric litres petroleum products storage depot in Lagos as well as an aviation fuel depot in Abuja, among others.
"Our strategy for retail network business is to launch our stations in carefully selected locations and ensure that our stations offer not only fuels, but cater for other customers' conveniences, such as banking services, car care, eatery and supermarkets. We aim to provide a one stop shop for our customer's convenience," he stated.
He explained that the station is equipped with security gadgets to provide additional security for customers and that very soon it would commence 24-hour operations.
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