11 Plc plans increased investment in downstream sector to boost performance
By Habeeb Adamu
11Plc, the multinational oil and gas company formerly known as Mobil Oil Plc has disclosed its plan to invest in its operations in 2023, so as to boost the performance of the downstream sector.
Adetunji Oyebanji, managing director of 11Plc, made the disclosure during a facility tour of the company, stating that the integrated oil company is aimed at increasing profitability from the business inherited from the firm it acquired, as well as the new ones with a view to competing favorably in the economic environment.
According to Oyebanji, the company is prepared to boost and enhance the distribution of petroleum products in the country and launch solar systems in some of its retail outlets this year.
While speaking, He said the company had launched two compressed natural gas plants in the western part of Nigeria and it is also considering additional plants in the region before the end of the year.
The MD said the company’s current market share in the lubricant sector was about 20 per cent, which ranks among the top five in the market. It would not rest on its oars to occupy first position in rating in no distant future.
“The company is consciously and aggressively investing in the packaging of its lubricant to achieve the desired distinct identity in the market as well as shield it from counterfeiting of the product,” he said.
He also noted that the company was working with the Standards Organisation of Nigeria among other regulatory agencies to prevent adulteration of the products.
Speaking with newsmen, Oyebanji said that the company’s performance in 2022 was encouraging in terms of high yields, quality product and patronage in spite of the country’s challenging economic environment.
He attributed the development to the company’s high level of efficiency and readiness to withstand inherent challenges in its match to meet its set goals.
Oyebanji added that the company had invested in human capital development through regular training and retraining of its workforce to enable them adapt to the changes in the company’s operations.