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Conoil expands retail business, invests N400m

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INDIGENOUS oil marketing company, Conoil Plc, recently opened four ultramodern retail outlets in Minna, Nsukka and Abuja, in line with its long-term retail expansion drive to become the largest retailer in Africa.

The newly commissioned outlets, estimated in excess of N400 million include one mega station with hi-tech facilities designed to provide a variety of value-added services beyond just selling petroleum products.

Among cities where Conoil mega stations are already in operation are Lagos, Abuja, Makurdi, Yola, Jos, Enugu and Port Harcourt.

Conoil says its business plan is hinged on massive investment in new retail outlets and the upgrade of its over 400 stations nationwide. It also includes the construction of mega stations in the 36 states and the federal capital territory, Abuja, which already has eight mega stations.

To complement its retail network expansion programme, the company has put in place robust plans to ensure product availability through well structured acquisition programme and upgrade of storage capacities
Conoil, under the business plan, has programmed charter vessels for regular and uninterrupted importation of petroleum products all-year round to boost fuel supply in the country.

Product facilities being upgraded are the storage tanks at its Apapa, the installation for Premium Motor Spirit, PMS popularly called petrol, Automotive Gas Oil, AGO or diesel, and Dual Purpose Kerosene, DPK, the common household kwerosene.

Also being upgraded are the company’s depot in Warri as well as its aviation fuel storage capacity at its service centres in Ikeja, Abuja, Kano, Kaduna, Jos, Maiduguri and Port Harcourt.

The move is to boost its aviation business, as the company recently won major contracts for the supply of Jet A1 to five international airlines operating in Nigeria.

The contracts, which were signed after a rigorous bid session conducted in Beirut Lebanon, involved world’s leading carriers from the Middle East and the Arab nations, including Saudi Arabian Airlines, Afriqiyah Airways, Egypt Air, Middle East Airlines and Sudan Airways, among others.

Under the agreements, the company now supplies 100 per cent of Libya-owned Afriqiyah Airways’ Jet A1 needs in Lagos, 100 per cent of Sudan Airways’ requirements in Kano and 30 per cent of Middle East Airlines’ volume in Lagos.
In addition, Conoil provides for Saudi Air and Egypt Air 50 per cent of their Jet A1 needs in Lagos respectively.

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