Chief Mike Adenuga
Conoil Plc has announced plans to invest N1.5 billion to reinvigorate the totally deregulated and high margin-yielding lubricant business over a four-year period with projected revenue of N33 billion over same period.
To achieve the projected revenue, Conoil has upgraded the filling lines at its Apapa plant in Lagos, with additional four lines to increase its production capacity to 50 million litres per annum.
The company has also projected 25 million litres per annum each from its Port Harcourt and Kano plants.
Strategically, the Apapa plant is positioned to cater for the engine oil needs of the South-west, while Port Harcourt and Kano Plants will cover South-east and the North, respectively.
The oil marketing company, which recorded N8 billion revenue from lubricant sales in 2011, is projecting a growth rate of N13 billion in 2012, N18 billion in 2013, N25billion in 2014 and N33billion in 2015.
Statistics from the Department of Petroleum Resources (DPR) showed that Nigerian lubricant market would grow by 25 per cent over the next three years. Conoil currently controls 20per cent of the industry market share, from its current production of 20 million litres per annum.
The company’s award-winning lubricant brands, Quatro and Golden Super Motor Oil, are formulated to industry world set standards for automobile and industrial machines’ engines. The brands consist of a range of high quality brands of automotive engine oils, gear oils, transmission oils and multi-purpose bearing greases.
Market survey shows that Quatro and Golden Super have grown a formidable customer base and have become the fastest-growing lubricant brands in Nigeria.
The Quatro brand, which has won awards back to back for its world-class quality, contains special additives that ensure minimal fuel consumption, retain oil thickness and protect car engine from rust. Its detergent and dispersant properties clean car engine, keep it sludge-free thereby enabling it to run at its best.
Other Quatro range includes Quatro Ultra and Quatro Premium for petrol engines, Quatro HDX Turbo and Quatro HDX for diesel engines.
On the other hand, GSMO brand offers adequate engine protection in older, gasoline fuelled cars. Its performance features include comprehensive additive package, good detergency and dispersancy, good oxidation stability and good anti-wear properties.