By Yemie Adeoye
BERACHA lubrications limited, a wholly owned indigenous oil trading and logistics company, with operations in the oil and maritime sectors has commenced plans to boost its operations with about 50 million US dollars withing the next six months.
The company which has been in operation since 1988 has shifted its corporate focus on a number of occasions and is set to still do so as plans are on the way for another corporate re-branding to showcase the growth and diversification recorded so far by the company in recent times.
In a chat with Energy corespondents at the companyâ€™s corporate Headquarters in Lagos recently, the Managing Director of the Prince Sola Oluwadare stated that the company is now set to play in the entire spectrum of the downstream marketing business, and as such it has gotten approvals for financial backing from some of the leading Nigerian Banks.
According to him the company which currently operates a 10,000 ton capacity tank farm in Apapa area of Lagos is set to delve into crude oil refining as it as plans are already on the drawing board for the construction of a mini refinery and as well as the construction of ultra-modern petrol stations to be situated in major cities across the country.
â€œIt is our intention to compete effectively with other players in the downstream sector, and by that we need to put our acts in order so that we would not just compete, but compete effectively.Â This is expected to go a long way to boost the federal governmentâ€™s local content policy as well as encourage would-be investors to invest adequately so they could compete vigorously and positively in a sector earlier dominated by multinationals.â€
He further stated that the company is not just as the name sounds, as it is into diverse areas of the economy.
â€œOur diverse and highly skilled workforce delivers high quality services to our numerous customers locally and globally.Â We differentiate ourselves in the oil and gas and maritime industry by providing outstanding service, innovation, and industry thought leadership.â€
â€œToday we have evolved in to a multi-billion naira business entity importing and exporting large volumes of petroleum products to meet both local and international need.Â We have also optimised the oil and gas supply chain by acquiring vessels to convey its petroleum products as well as for charter to our numerous customers.Â The company is now set to acquire a fleet of trucks and several filling stations at strategic locations in Nigeria.Â This is expected to facilitate the transportation and distribution of petroleum products on land.â€
Oluwadare noted that the company is investing to the tune of 18.5 million dollars on vessels and tankers by the end of the year and that the Nigerian Maritime Administration and Safety Agency (NIMASA) is set to bankroll the project as part of its intention to help willing and thriving Nigerian companies operating in the Maritime sector.
â€œThrough our fleet of vessels and our network of international partners, we provide the following maritime services, marine transportation of petroleum products, freshwater and equipments, hiring and chartering of vessels, ship management and support services, provision of tugboats and various types of barges as well as shipping agency services.Â This is our core area of specialty in the mritime sector and we are also providing equal services in oil sector thereby making Beracha a diversified company.â€he enthused.