The Chairman/Managing Director of Mobil Oil Nigeria Plc, Adetunji Oyebanji, during Mobil’s yearly generally meeting in Lagos recently, said the company has recorded a profit after tax of N8.15 billion in 2016, representing a 67% increase from the N4.87 billion earned in 2015, The Guardian reports.

He attributed the increase to improved product margins and increased rental income from investment properties. He noted that the efficiency of the company’s blending operations was enhanced through its investment in a viscosity index improver for the blending of additives for the high volume lubricants. Speaking on the future prospect of the company, Oyebanji disclosed that the share sale between ExxonMobil and Nipco Plc is expected to be completed by the first half of 2017.

He added that ExxonMobil and Mobil Oil are expected to enter into a 10 years lubricant blending and distribution agreement where Mobil Oil will become the Mobil lubes branded distributor in Nigeria, and will manufacture and market Mobil lubricant in the country. He added that there would also be a five-year brand free agreement.