Conoil Plc plans to bring on stream this year, 60 new retail outlets spread across the country, as part of its major strategic expansion programme to meet the increasing fuel needs of Nigerians.
The company said in a release at the weekend that the expansion programme would gulp about N4.8 billion and was earmarked to grow the company’s sales and revenue by over 65 percent.
It is projected that the new stations will complement the company’s plan for massive importation of refined petroleum products this year.
The retail outlets, the company added, will offer robust and automated network, which will leverage on technology to deliver the assurance of quality products and improve service efficiency at the forecourts.
“The expansion project represents the second phase of the company's comprehensive four-year plan, which started two years ago”, the oil firm added.
Conoil had embarked on the plan to adequately prepare for industry-specific challenges, ensure impressive growth in its performance indicators and consolidate its leadership position in the downstream petroleum business. The oil firm had commenced the plan with the upgrade of its storage tanks at the company’s depots nationwide to accommodate bulk product imports.
In pursuant of this, the company increased the storage tanks for white products – Premium Motor Spirit (PMS), diesel and kerosene – to 80,000 metric tonnes, to double the capacity of its storage facilities at its Apapa installation.
Another major plank of the expansion programme was the construction of the company's multi-billion naira Port Harcourt depot which has the capacity to hold 70,000 metric tonnes of various petroleum products with the propensity to dispense 5.5 million litres per day.
The Port Harcourt depot complements the company’s flagship installation in Apapa, Lagos, providing easy access to fuel imports and easing the pressure on available jetties and other port infrastructures in Lagos.
Its multipurpose mega stations not only sell petroleum products, but also offer a variety of value-added convenience services that delight consumers.