A Review of the Nigerian Energy Industry

Rainoil expands operation with two new vessels

MT Adeline, one of the newly commissioned oil vessels by Rainoil Ltd04 July 2013, Lagos – Rainoil Limited, a leading indigenous petroleum products marketing company, has inaugurated its two newly acquired multi-million dollars oil vessels, MT Adeline and MT Emmanuel, aimed at boosting petroleum products’ availability and distribution in the country.

MT Adeline is a 20,000-tonnage vessel while the haulage capacity of MT Emmanuel is 15,000-tonnage.

Both vessels are world-class facilities and they meet international standards that enable them suitable for quick Ship -To-Ship, STS, loading of petroleum products.

Inaugurating the two vessels at the Rainoil Jetty and multi-product Tank Farm in Oghara, Delta State, the Executive Secretary, Petroleum Products Pricing Regulatory Agency PPPRA, Mr. Reginald Stanley, said the investment was a significant milestone and a big boost to the nation’s economy.

He said the vessels would promote national economic growth through foreign exchange saving, reduction in the cost of freight of petroleum products, employment opportunities and speedy distribution of products across the country.

‘‘Although Rainoil is a big player in the PMS (Premium Motor Spirit) imported into Nigeria, these vessels will provide an excellent logistic to other players in the downstream. I therefore urge other marketers to use the services of these vessels, to optimise its utilisation, thereby reducing the unit cost of freight. There is also the need to patronise our local fender providers in STS (Ship-To-Ship) operations, so as to build a strong synergy in shipping operations. A situation where foreign fender providers dominate the market should be discouraged’’, he said.

Stanley noted further that MT Adeline and MT Emmanuel are world-class facilities, and they met stringent vetting standards of multinationals which qualified them for STS operation.

‘‘They are double hulled as against the single hull vessels plying our waters. When compared with the ‘rust buckets’ called ships in our waters, these vessels can only be described as the ‘Rolls Royce’ of the trade.’’

Managing Director and CEO, Rainoil Ltd, M r. Gabriel Ogbechie, said the new vessels and other previous investments by the company including a jetty and storage depot coupled with their location in Oghara, were strategic moves to enhance speedy distribution of petroleum products to the south-south, south-east, the Federal Capital Territory and northern states because of the centrality of the town.

He also said the company which was incorporated in 1994 but commenced operation in 1997, has grown consistently with over 25 retail outlets across Nigeria, 60 tank trucks, 50-million litre capacity petroleum products storage depot, a jetty and two oil vessels in its kitty.

‘‘This is a major milestone. These are modern vessels and they meet stringent international standards. So, these vessels are acceptable anywhere in the world. Maritime is one area where this country bleeds a lot of foreign exchange. So, these vessels will save the country lots of foreign exchange apart from hundreds of employment that will be created,’’ he stated.

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