Guardian

CONOIL Plc has earmarked N4.8 billion to build 60 new retail outlets spread across the country as part of its major strategic expansion programme to meet the increasing fuel needs in the country.

A statement from Conoil Corporate Communication, signed by Mike Oduniyi, disclosed that the expansion programme is expected to grow the company’s sales and revenue by over 65 per cent.

It stated: “It is projected that the new stations will complement the company’s plan for massive importation of refined petroleum products next year.

“The retail outlets will offer robust and automated network which will leverage on technology to deliver the assurance of quality products and improve service efficiency at the forecourts.

“The expansion project represents the second phase of the company’s comprehensive four-year plan which started two years ago. 
It would be recalled that Conoil embarked on the plan to adequately prepare for industry-specific challenges, ensure impressive growth in its performance indicators and consolidate its leadership position in the downstream petroleum business.”

It noted that the company had commenced the ambitious plan with the upgrade of its storage tanks at the company’s depots nationwide to accommodate bulk product imports. 

The statement said that in pursuant of this, the company increased the storage tanks for white products – Premium Motor Spirit (PMS), diesel and kerosene – to 80,000 metric tonne, to double the capacity of its storage facilities at its Apapa installation.       It explained, “another major plank of the expansion programme was the construction of the company’s multi-billion naira Port Harcourt depot which has the capacity to hold 70,000 metric tonne of various petroleum products with the propensity to dispense 5.5 million litres per day.

“The Port Harcourt depot complements the company’s flagship installation in Apapa, Lagos, providing easy access to fuel imports and easing the pressure on available jetties and other port infrastructures in Lagos.

Conoil has been in the forefront of pioneering innovative initiatives in the Nigerian downstream oil sector.

“Its multipurpose mega stations not only sell petroleum products, but also offer a variety of value-added convenience services that delight consumers.”