The country’s integrated energy supplier, Eterna PLC, has announced that it will invest in installing Liquefied Petroleum Gas (LPG) skids at certain retail locations.
This was said during a news briefing in Lagos by Mr Benjamin Nwaezeigwe, the newly appointed Managing Director/Chief Executive Director of Eterna PLC.
According to Nwaezeigwe, the action was taken to support the Federal Government’s initiatives to expand Nigeria’s use of gas following the world’s energy shift.
“The industry is moving towards CNG and LPG, and as a company, we have started positioning ourselves for that.
“We are deploying skids in our existing retail outlets across the country and we also hope to go into LPG storage in the near future,” he said.
The lack of access to foreign exchange, high-interest rates, difficulties obtaining products from the NNPC, the lack of vessels to transport white fuel to depots, rising freight prices, and the volatility of the naira against the dollar are just a few of the difficulties marketers are currently facing, he said.
He claimed that the current conflict between Russia and Ukraine, which had brought a crisis in the world oil and gas business, had worsened this situation.
Nwaezeigwe advocated for the sector’s liberalisation, claiming that it would draw more investors and remove entry barriers, allowing the construction of modular refineries in key locations.
He claimed that these initiatives would boost domestic refining capacity and address the industry’s supply issues.
He claimed that despite these difficulties, Eterna Plc reported a gross profit of N4.1 billion for the six-month period that ended on June 30, 2022.
