Key Factors
- Oando Plc plans to extend crude oil manufacturing to 100,000 barrels per day and gasoline output to 1.5 billion commonplace cubic ft each day over 5 years.
- The corporate is certainly one of three finalists for the $15 billion Trinidad and Tobago petroleum refinery, highlighting its international growth technique.
- Since rebranding in 2003, Oando Plc has develop into Nigeria’s main power supplier below Tinubu’s management, with operations throughout all power sectors.
Oando Plc, an built-in power options supplier led by Nigerian oil magnate Wale Tinubu, has introduced plans to ramp up its crude oil manufacturing to 100,000 barrels per day and improve gasoline output to 1.5 billion commonplace cubic ft each day throughout the subsequent 5 years.
The announcement got here throughout a gathering between Oando’s Managing Director, Ainojie Alexander Irune, and Rivers State Governor Siminialayi Fubara on the Authorities Home in Port Harcourt. Irune highlighted the corporate’s deal with deepening regional investments whereas working carefully with native governments and host communities.
Oando is certainly one of three finalists in a aggressive bidding course of for Trinidad and Tobago’s $15 billion petroleum refinery, showcasing the corporate’s ambition to increase its attain past Nigeria and strengthen its worldwide power presence.
Collaboration key to development
In an announcement from Governor Fubara’s Chief Press Secretary, Nelson Chukwudi, Irune emphasised {that a} secure setting and native partnerships are important for attaining Oando’s formidable manufacturing targets.
“We goal to provide 100,000 barrels of oil per day and 1.5 billion cubic ft of gasoline throughout the subsequent 4 to 5 years,” Irune mentioned. He pointed to strategic property like Oil Mining Leases 60, 61, 62, and 63 as important to this purpose and reaffirmed the corporate’s dedication to host communities. Irune additionally expressed gratitude to the Rivers State governor for offering the required help to boost Oando’s operations within the area.
Regardless of challenges reminiscent of pipeline vandalism, Irune famous progress in decreasing disruptions by way of collaboration with native stakeholders. He added that the corporate’s shift towards buying full possession of property beforehand held by Eni Agip demonstrates a rising deal with indigenous funding in Nigeria’s power sector.
Governor Fubara harassed the significance of corporations like Oando in unlocking the area’s financial potential. He praised the state’s favorable enterprise local weather and expressed confidence in Oando’s continued funding within the area.
Strategic strikes to strengthen market place
Beneath Wale Tinubu, who owns 66.67 % of Oando by way of Ocean and Oil Growth Companions (OODP), the corporate has grown into certainly one of Nigeria’s foremost power suppliers. Since its rebranding from Unipetrol in 2003, Oando has developed operations throughout the upstream, midstream, and downstream sectors.
Oando’s bid for the Trinidad and Tobago refinery comes amid its $783 million acquisition of the Nigeria Agip Oil Firm (NOAC) from Italian power agency Eni. These strategic strikes underline the corporate’s efforts to boost its market place each domestically and globally.
With a deal with increasing manufacturing capability and constructing new partnerships, Oando goals to cement its position as a frontrunner within the power sector whereas capitalizing on new alternatives throughout borders.