Leading downstream operators in the nation’s oil and gas as well as the maritime sector, Capital Oil and Gas Company is set to take the two sectors by storm with the recent strategic engagement of Chinese firms to handle its massive investment in facilities expansion.
The companies are Dong Guan Yong Qiang Vehicle Manufacturing Company which is handling the manufacturing of heavy duty vehicles and Hexing Shipyard which is handling the building of vessels
The strategic alliance involves the acquisition of 800 low-bed trucks for moving containers from the port to its new and equally ultra modern off dock facilities located in Amuwo Odofin, a few distance to Lagos ports.
The company which already has two vessels that are engaged in Cabotage operations has also commenced plans to acquire three more to further boost its presence in the lucrative Cabotage business.
Moving towards actualisation of its vision of being Africa’s first choice provider of energy solutions, Capital Oil is presently involved in large scale facilities expansion, including the addition of six new gantries to its already existing loading facilities.
According to Capital Oil’s chief executive officer, Mr Ifeanyi Ubah, the company is working on being accountable for the supply of at least 34 per cent of the nation’s petroleum product consumption.
The essence of devoting ample resources to the expansion, he says is to provide a state-of-the-art jetty which is capable of ensuring maximum product discharge time of not more than 72 hours.
The five finger ultra modern jetty which is located at the popular Ibru jetty in Apapa is expected to revolutionise down stream operations in the country. This will be complemented with the addition of 750 new trucks to existing fleet.
Ubah who recently led a delegation of stakeholders (including members of the House of Representatives committee on marine transport) on a trade mission to China assured that engaging the Chinese firms would further boost his company’s profile and inch it closer to the realisation of its vision.
Investigations revealed that while in China, the company concretised relationship with its Chinese associates, a development which will culminate in the addition of two new oil vessels of 33,000 tonnes capacity each; in addition to four new barges of 17,000 metric tonnes capacity each.
Similarly, the company is expected to take delivery of 500 units of 33,000 litre capacity petroleum haulage trucks, 200 units of 45,000 litres trucks, 100 units of 60 litre trucks and 200 units of 22,000 litre trucks. Added to these are the acquisitions of 300 units of 55,000 litre capacity underground storage tanks. Another dividend of the China deal is the purchase of 180 unit of brand new container flat, low bed trailers to facilitate the freighting of containers from the ports to Capital Oil’s off-dock facilities.
These ambitious but strategic acquisitions, according to Ubah are aimed at supporting the company’s business expansion plans and to reinforce its position as a foremost player in the Nigerian oil and gas and maritime sector businesses.
My Ifeanyi Ubah also disclosed that the acquisition of the 180 low- bed container haulage trucks will further provide employment for hundreds of Nigerians