Oando Plc Group Chief Executive Wale Tinubu has urged indigenous oil and gas companies to invest in the business now that the prices of oil are low.
He advised the Federal Government to embrace Public-Private Partnership (PPP) in local refining.
According to him, “there is a lot indigenous capacity that can provide solution to refineries. It will create a lot of employment opportunities.”
He encouraged the major operators to make sure that the acreage is given to companies for tender.
The Oando chief gave the advice in Abuja at the just concluded Nigeria Oil & Gas Conference 2019 with theme: Driving Nigeria’s Oil & Gas Industry Towards Sustained Economic Development and Growth.
In his address at the leadership session titled: The Evolution of Oando: Survival and Growth Strategies, Tinubu took the audience on a journey from Oando as a downstream company to an integrated energy solutions provider.
He highlighted the challenges the company faced along the line and how it accomplished its feat with tenacity.
He advised indigenous players in the conference on consistency, value addition and how to remain relevant in the industry.
Tinubu, who had taken the conference down memory lane, said Oando had received support from the Nigerian National Petroleum Corporation (NNPC) in the early days of the business.
“We had a lot of support from the NNPC when we started out as a trading company in 1994. We had the opportunity of working with NNPC in the 90s in what was typically the golden age in the industry when the refineries worked to full capacity. The refinery was doing so well in Kaduna that we had excess petroleum products and we secured a very innovative solution for the NNPC to manage the excess products.
“We branched out towards infrastructural opportunities, once again with the NNPC. We built the first gas distribution network in Lagos. It was called Gaslink Lagos, NNPC gave out the gas in the project and today there are about 130 industries taking gas from us and we have been able to drop, by at least 40 per cent, the cost of power to those industries and in the process stimulate economic growth,” Tinubu said.
Source: The Nation