By Faridat Salifu
Mr. Adetunji Oyebanji, the Chief Executive Officer of 11 Plc, a renowned petroleum product marketer, has disclosed the company’s strategic venture into the Compressed Natural Gas (CNG) market, marking the initiation of construction for CNG plants in Ibadan and Lagos.
The decision to delve into the CNG sector was announced recently as strategic move aimed at fortifying the adoption of Compressed Natural Gas while aligning with the objectives of the new administration to strengthen the national economy.
Over the past few years, 11 Plc has consistently upgraded its facilities, resulting in sustained improvements in its investments and propelling the company to new heights.
During the announcement, Mr. Oyebanji underscored the pivotal role of Liquefied Petroleum Gas (LPG) in the global economy, particularly in Nigeria.
He expressed the company’s eagerness to collaborate with the Bola Tinubu administration to contribute to the economic growth of the nation.
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Highlighting the oil and gas industry’s significance in the national economy, Oyebanji emphasized 11 Plc’s substantial investment in LPG installations across 40 retail outlets nationwide.
He also reiterated the company’s commitment to LPG as a forward-looking solution and revealed the operational launch of a new gas station at the tollgate in Ibadan, the capital of Oyo State.
To further strengthen its foothold in the LPG industry, 11 Plc has invested in expanding its filling plants and has augmented its storage capacity to an impressive 8,000 metric tonnes.
Additionally, the company has ventured into the CNG market with the construction of cutting-edge facilities in Ibadan and Lagos.
Acknowledging 11 Plc’s prominent position as one of the six major petroleum product marketers in Nigeria, Oyebanji highlighted the extensive network of over 250 retail outlets spanning all 36 states of the country.
He underscored the company’s unwavering commitment to ethical standards and its dedication to safety, health, and environmental best practices within the downstream sector of Nigeria’s oil and gas industry.
Mr. Oyebanji concluded by noting the company’s substantial investment in enhancing its operations, including its fuel facility and the ultra-modern lube oil plant in Apapa, Lagos. With an impressive capacity of 300,000 barrels per annum, this facility positions 11 Plc as one of the most advanced in Africa.
