Peter Uzoho
Nigerian downstream oil and gas company, Eterna Plc, has rolled out its future plans which include expanding its retail footprints to the marketing of Aviation Turbine Kerosene (ATK) otherwise known as aviation fuel, and Liquefied Petroleum Gas (LPG) popularly called cooking gas.
The Chairman of the company, Dr Gabriel Ogbechie, disclosed this in Lagos in his chairman’s statement during Eterna’s 2022 annual general meeting (AGM).
Ogbeche added that the company would continue to grow its retail footprints and add to the number of its retail outlets in the country, which stood at 61 as at December 2021.
He said while continuing the trajectory of the company’s five-year strategic plan, the marketing firm has attracted investment interests, explaining that in the fourth quarter of 2021, a new investor, Preline Limited, acquired 60.98 per cent stake in Eterna, making it the largest and majority shareholder.
He maintained that with the addition of the new investor, the prospects had continued to look up for Eterna, considering the track record, resolute commitment to shareholder value addition and the industry experience the new investor brings.
According to him, the investment demonstrates the belief in the potential of the company.
Ogbechie stated: “We will begin to incrementally improve our involvement in the aviation space with the retail of aviation turbine kerosene. We will invest in liquefied petroleum gas and incrementally set up necessary infrastructure for market penetration.
“We have also introduced various initiatives targeted at enhancing market presence, growing volumes and local brand equity for our lubricants. In relation to new businesses, we have commenced discussions with some potential strategic partners with a view to exploring opportunities in identified growth areas within the energy space.”
Commenting on the industry outlook, he observed that the Russia-Ukraine conflict has impacted oil prices and created an opportunity for gas producing nation’s like Nigeria to leverage.
According to him, heightened tension between the United States and Russia and the continuous imposition of sanctions on Russia have further stirred a deterioration in the fragile relationship between Russia and its European neighbours.
