18 April 2017, Sweetcrude, Lagos – NIPCO Plc says it is working hard to make its recent acquisition of ExxonMobil’s 60 per cent stake a game changer in the downstream sector.
Group Managing Director of the company, Mr. Venkataraman Venkatapathy, made this known at the occasion of the closing gong at the Nigerian Stock Exchange, NSE, saying the deal would, among others, ensure increase in the production of Mobil brand of lubes and a re- start of its aviation business.
“As an efficient oil marketing company, NIPCO acquisition of MON majority shares would also bring economies of scale to the firm, benefitting Nigerians and grow the economy further,” Venkatapathy said, according to a statement by the company.
He added: “To all discerning investors the deal is a big welcome to a new dawn and a new era that will usher in stability, prosperity, sustainability and growth in the downstream sector in particular and the industry in general.”
Venkatapathy maintained that the deal would also make the NIPCO Group bigger not only just due to the acquisition but also the new business lines that come with it to make the company one of the most proficient and best run outfit in the downstream industry.