Integrated oil and gas company, NIPCO Plc, has expanded its storage capacity to boost the company’s efforts at meeting the needs of stakeholders.
This development marks a significant investment in the hydrocarbon industry by the company
The managing director, NIPCO Plc, Venkataraman Venkatapathy, who disclosed this while reviewing the company’s operation in 2015, said that the new investment led to the construction of additional tanks for storage of white products .
According to him, the new storage facility can store 34 million litres of petroleum products, a feat that would drive the company to further consolidate the company’s leadership role in the downstream sector.
The MD affirmed that going into the construction of new projects at this time is a vindication of the company’s belief in the resilience of the Nigerian economy, stressing that “even though this is a very challenging period in the nation’s history, we are still upbeat for better days ahead.”
He noted that with the additional storage, Nipco’s efforts to store petroleum products has now increased to 84 million litres from the erstwhile 50 million litres, thereby enhancing her capacity to take deliveries of bigger vessels laden with huge products with no stress on where to discharge. Venkatapathy informed that the project which was built to international standard can store all grades of white products and has been effectively linked with the Apapa jetty reception point as well as the 10 point loading gantry in the terminal.
He said that though the operating environment has been very tough, concerted efforts will be made to contain the effects on the company with the broad policy outlines of the board of directors, active support of the workforce as well as a plethora of stakeholders. According to him, NIPCO’s sales and marketing strategies, together with its competitive pricing policy, have facilitated the considerable market share of the company in all its lines of business, adding that to maintain the trend “we would continue relentlessly to maintain new initiatives to maximise this enviable position in the industry.”