Rainoil Restates Commitment to Development of Downstream Petroleum Sector

Peter Uzoho

The Group Managing Director of Rainoil Limited., Dr. Gabriel Ogbechie, a leading player in Nigeria’s petroleum marketing business, has reiterated the company’s commitment to the development of the petroleum downstream value chain, which he described as critical to the country’s economic growth.

Ogbeche also stated that in line with the nation’s energy transition process, Rainoil was making great effort in boosting the economic development of the country with its sterling efforts in deepening Liquefied Petroleum Gas (LPG) penetration and utilisation in the county.

The Rainoil boss, who stated these in Lagos during an interaction with journalists to mark the company’s 25th anniversary, said the company, which started operations in May 1997, has grown to become a prominent and dominant player in the Nigerian oil and gas industry, providing employment opportunities for about 2,000 Nigerians.

He said: “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.”

According to him, Rainoil Ltd has continued its upward trajectory through strategic planning, innovation and creating a conducive working environment for its employees.

Ogbeche said the company had also ensured that it gave back to the society and its host communities through its various Corporate Social Responsibility (CSR) initiatives.

This, he said, included construction of a block of classroom 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.

Ogbeche, however, advised the government to remove subsidy on petrol, adding that the humungous 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.

Earlier in her remarks, Group Executive Director of Rainoil Limited, Mrs. Godrey Ogbeche, appreciated all the committed and loyal staff members of the company, who had shown resilience in their great support to the company.