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Home » Fuel Scarcity: FG Leans On Capital Oil, Rahamanniyya… As Integrated Waits On The Wings

Fuel Scarcity: FG Leans On Capital Oil, Rahamanniyya… As Integrated Waits On The Wings

by Joshua
May 24, 2009
in Uncategorized

In a move to stem the tide of scarcity of petrol across the length and breadth of the country, the Federal Government has already commenced usage of the depot and jetty facilities of two frontline members of Depot and Petroleum Marketers Association of Nigeria (DAPMAN).
While both Capital Oil and Gas as well as Rahamanniyya facilities have started playing host to products that are arriving the country for the Nigerian National Petroleum Corporation (NNPC), sources hinted that the third down stream major player; Integrated Oil and Gas is expected to join the league any moment from now.
Part of the 40 cargoes of the scarce product ports which were ordered by the NNPC immediately the disagreement over pricing were resolved have started arriving Lagos and are expected to be handled at these private jetties and depots.
Minister of State for Petroleum Mr. Odein Ajumogobia disclosed recently when he led some top government personnel on a visit to the three facilities. According to him, the facilities of Capital Oil, Rahamanniyya and Integrated have been approved for the distribution of imported petrol so as to arrest the current scarcity of petroleum products.
The minister was accompanied to the Lagos jetties and tank farms of the three companies by  the Presidential Adviser on Petroleum Matters; Dr. Emmanuel Egbogah and the top management of the Pipelines and Products Marketing Company (PPMC).
While welcoming the ministerial delegation to its premises, the managing director of Capital Oil and Gas, Mr Ifeanyi Uba disclosed that a whopping investment of about N100 billion has been made into its activities in the downstream sub sector and related activities in the past two years when the company came into existence.
Briefing the minister, the Capital Oil boss added that the company was also involved in the construction of a truck parking bay with capacity for more than 750 trucks at once.
Calling on the federal government to create a truly level playing field for all operators; especially at this time that the downstream sector is about to be fully deregulated and claimed that his company has the highest indigenous investment in the sector.
"I believe Capital Oil and Gas today has the biggest investment in the downstream and can match the entire majors in terms of competition. What we are adding is value because it belongs to us. Venezuela and Brazil had it in the past and it worked well for them", he stressed.

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