Eterna Plc says it is investing in the colocation of Compressed Natural Gas (CNG) and Liquefied Natural Gas (LPG) skids across some of its retail outlets in the country.
The News Agency of Nigeria (NAN) reports that Eterna Plc is an integrated energy provider.
The newly appointed Chief Executive Officer of the company, Mr Benjamin Nwaezeigwe said this at a news briefing on Monday in Lagos.
Nwaezeigwe said the move was aimed at supporting the effort of the Federal Government to deepen gas utilisation in Nigeria in line with the global energy transition.
“The industry is moving toward CNG and LPG and as a company, we have started positioning ourselves for that.
“We are planting skids located in our existing retail outlets across the country and we also hope to go into LPG storage in the near future,’’ he said.
Nwaezeigwe said that marketers were currently facing myriad of challenges including lack of access to foreign exchange, high bank interest rate as well as the Nigerian National Petroleum Company Ltd. being the sole importer of Premium Motor Spirit.
He said this was further worsened by the ongoing conflict between Russia and Ukraine which had created a crisis in the global oil and gas industry.
Nwaezeigwe, therefore, called for a full deregulation of the industry to enable more investors to come in and also the establishment of modular refineries in strategic locations to increase domestic refining capacity.
He said in spite of these challenges, Eterna Plc posted a gross profit of N4.1 billion for the half year ended June 30, 2022.
He said that the figure which was 57.9 per cent higher than the N2.6 billion gross profit recorded in the corresponding period of 2021, was achieved as a result of improved efficiency, staff dedication and a new leadership vision.
Also speaking, Mrs Phoebian Ifeadi, the Executive Director, Corporate Services, Eterna Plc, said the company had invested more than N20 million in the past two years on donations and Corporate Social Responsibility (CSR) activities.
“In 2022, we intend to deepen the engagement with our host community which is in Ogun to empower the youths in the locality.
“We want to empower them to get a better life and our plan will be of immense benefit to the beneficiaries.’
NAN reports that Eterna manufactures markets and distributes lubricants and chemicals as well as operates a network of fuelling stations.