Downstream Nigerian oil and gas company, Eterna Plc, has rolled out its future plans which include expanding its retail footprints to marketing aviation turbine kerosene (ATK) otherwise known as jet fuel. aviation, and liquefied petroleum gas (LPG) commonly known as cooking gas.
The company’s chairman, Dr. Gabriel Ogbechie, revealed this in Lagos in his chairman’s statement at Eterna’s 2022 Annual General Meeting (AGM).
Ogbeche added that the company will continue to expand its retail footprint and increase the number of outlets in the country, which stood at 61 as of December 2021.
He said that while continuing the trajectory of the company’s five-year strategic plan, the marketing company has attracted investment interest, explaining that in the fourth quarter of 2021, a new investor, Preline Limited, acquired a stake. of 60.98% in Eterna, making it the main and majority shareholder.
He argued that with the addition of the new investor, Eterna’s prospects have continued to improve, given the company’s track record, strong commitment to shareholder value and experience. industry contributed by the new investor.
According to him, the investment demonstrates the belief in the potential of the company.
Ogbechie said: “We will begin to gradually enhance our involvement in the aviation space with the retail sale of aviation turbine kerosene. We will invest in liquefied petroleum gas and gradually put in place the necessary infrastructure for market penetration.
“We have also put in place various initiatives to strengthen market presence, increase volumes and local brand value for our lubricants. With respect to new ventures, we have entered into discussions with some potential strategic partners to explore opportunities in identified growth areas within the energy space.
Commenting on the outlook for the industry, he observed that the Russian-Ukrainian conflict has impacted oil prices and created an opportunity for gas-producing countries like Nigeria to take advantage.
According to him, the increased tension between the United States and Russia and the continuous imposition of sanctions against Russia have further worsened the deterioration of the fragile relations between Russia and its European neighbors.