Masters Energy Positions for Growth in Petroleum Products Marketing, Others
*Gets off-take licence for Dangote Refinery’s products
Peter Uzoho
Foremost integrated energy marketing company, Masters Energy Group is positioning to expand its business, increase presence in the Nigerian market and ultimately achieve an exponential revenue growth through massive investment, partnerships, and new products.
The duo of the Group Managing Director of Masters Energy Group, Mrs Patience Dappa and the company’s Group Executive Director, Operations, Mr. Felix Eribo, revealed the current efforts the organisation is taking to scale up its business and consolidate market share.
They made the disclosures while speaking to energy reporters on the last day of the Masters Energy Group 2024 Senior Leadership Strategy Retreat, held in Lagos, at the weekend, revealing also that the company had received an off-take licence from Dangote Refinery to be able to lift products from the facility.
The theme of the retreat was: “Innovation, Exponential Revenue Growth by Cost Management and New Product Introduction.”
Dappa, said Masters Energy was considering making new investments, introducing new product lines like households products, as well as looking for new partnerships as part of the expansion strategy.
She explained: “We want to go into a lot of business that we haven’t been before, so that is why we are having this retreat for us to come together to discuss, to strategize on how this year will be better than last year.
“We all know that subsidy is out of the way, so we need to look at how we can survive and sustain our business without the presence of subsidy. So actually, we are looking at how can we bring in products?
“How can we partner with other refineries outside the country to bring in white products like petrol, diesel, so we don’t rely on NNPC to supply us with products.”
She disclosed that the company had gotten an off-take licence from the Dangote Refinery to lift products from the refinery.
On the manufacturing side of the business, Dappa further stated that the Uche Ogah-owned conglomerate was also looking to introduce new product lines like household products, and that by the end of this year, Masters Energy products would be in every household in Nigeria.
She said the company was also considering exploring opportunities in the export business by exporting their goods outside Nigeria to enable them overcome challenges associated with high exchange rate.
Dappa said the company was also expanding its footprint in the Liquefied Petroleum Gas (LPG) business and had last year performed the flag-off of the Masters Energy 40,000 metric tonnes LPG storage facility in Port Harcourt, Rivers.
“We are hoping that before the end of next year, we should be able to complete that storage facility. So, that is an additional expansion for us. It’s a 40,000 metric tonnes facility, but we are going to have it in phases. So right now, the first phase is going to be 20,000 metric tons of LPG and propane.
“We are going to have massive expansion of our retail outlets. We are going to have more than 50 additional retail outlets between now and end of the year”, she added.
Dappa, however, explained that the essence of the retreat was to bring all senior management of the company together to strategize on the way forward for the company for this new year.
Adding his voice, Group Executive Director, Operations, Masters Energy Group, Eribo, said the company was taking the oil and gas downstream market by storm with its massive investment, new products, and innovation.
He said the company’s product off-take from NNPC Retail Limited has continued to increase on a daily basis and that they are spreading their outlets to every part of the country.
According to Eribo, the company intends to increase its LPG market this year by bringing additional 19 skid plants into their pool, saying “As I told you, we are massively into the LPG market.”
On the white products’ retail side, he said Masters Energy presently has about 300 retail outlets across major cities in Nigeria, adding that a minimum of 50 more outlets would come on stream before end of this year.
Reconfirming receipt of their off-take licence from Dangote Refinery, the Director of Operations said Masters Energy was able to get the license because of its available infrastructure.
Eribo explained: “When Dangote Refinery came, we applied. We didn’t have any problem getting an approval. Precisely on Thursday (last week), we got our licence for off-take, a letter appointing us as official off-taker for all products from the refinery.
“So we are glad to have that and we appreciate that gesture from Dangote. So we’re going to add that as part of our source of products. So, that will ensure that all our outlets are wet continuously.”
