A leading indigenous company, Propetrol Limited has stated that it has concluded plans to partner a foreign company in oil bunkering business in Nigeria’s oil and gas sector.
In the global petroleum/marine industry, oil bunkering is a legitimate business that involves the process of supplying a ship with fuel.
Speaking during an interactive session with journalists in Lagos to mark the 15th year anniversary of doing business in Nigeria’s oil and gas sector, the Chief Executive Officer and Managing Director, Propetrol Limited, Mr. Harry Ebohon, disclosed that his company has become a leading player in the bunker supply business.
“We are a key indigenous player in the bunkers market. Our inroad into the bunkering market was informed by the gap in the sector in terms of indigenous participation. The sector, which was dominated by the foreign players, witnessed series of withdrawals due to insecurity and slump in the price of crude oil in the international market. Today, we are one of the leading indigenous players in the bunker supply sector in Nigeria, providing services to leading IOCs, NOCs, rigs, platforms and PSVs, dredging companies, vessels on Nigeria waters, marine equipment. In consolidation of our market leadership in this niche, we have entered into partnership with international corporates to offer even more robust services to our customers in markets where we are not physical. We shall be making announcements in this regard in the coming weeks,” he explained.
He posited that when Propel commenced operations 15 years ago, it was providing logistic services to downstream petroleum marketers.
“They relied on our trucks to speedily and efficiently move products to every part of the country. But we decided to play a more prominent role in the industry and increase our footprints and investments across the oil and gas value chain. We went into retail marketing franchise with Oando, a leading major marketer. Down the line, we saw a gap in the forecourt experience in the retail market and decided to increase our capacity and market share and launched our brand – Propel. The Propel brand was designed to represent the vibrant energy inherent in the customer service delivery of Propetrol limited. With our value proposition of competitive pricing, reliability, quality products and exceptional forecourt experience (introduction of outdoor video screens on the forecourt for entertainment and information purposes) our retail network has spread across 18 outlets in the Southern part of Nigeria. We don’t only retail all refined petroleum products such as PMS, AGO, Kerosene, LPG, lubricants, LPFO, we also distribute and supply these products in bulk to commercial and industrial customers in the country,” he said.
In the supply and distribution of these products, he said his company actively engaged in importation from the international fuel market to meet local demand in Nigeria.
“To ensure efficiency and reliability in our supply and distribution, we invested in the maritime logistic end of the business. Our vessels are a key indication of tangible investment in this regard. Plans are also on the way to construct a storage facility Port-Harcourt,” he added.