The company, in a document made available to our correspondent in Lagos on Thursday, said “Given the long-term un-sustainability of securing all our petroleum products from imports, we have set out on our most ambitious project yet, which is the development of a 100,000bpd Greenfield refinery.
“Our aspiration is to fast-track the development and construction of the refinery and that actual production from the refinery will come on stream by 2017.”
The company explained that the refinery project had become imperative because 70 per cent of the country’s refined petroleum requirements were imported despite the fact that Nigeria was a major oil producer in the world.
Though Aiteo has been operating in the downstream sector since 1999 when it started as Sigmund Company, it said it had developed capacities across the entire energy value chain.
These include bulk petroleum products’ storage, marketing, supply and trading; retail service station network; exploration and production; oil field services; power generation and electricity distribution; and gas operations.
The company said, “Aiteo, which is one of the fastest growing energy companies in Nigeria, has proven its capacity in the oil sector, given its track record of over 15 years.
“Since every company worth its salt strives to diversify and grow, having harnessed and mastered the downstream business, Aiteo is now strategically moving to the upstream sector to consolidate its hold on the Nigerian energy sector.”