Rainoil Limited’s newly built 8000metric ton capacity Liquefied Petroleum Gas (LPG) tank, with fleet capacity of 40 trucks, has been launched, targeted at deepening penetration of the commodity in-country.
Rainoil was lauded for ensuring in-country utilization of LPG, commonly known as cooking gas. While inaugurating the LPG business, which will trade as ‘Rainoil Gas’, Minister of State for Petroleum Resources, Chief Timipre Sylva, described Rainoil as a leading integrated company operating in the downstream sector of the Nigerian oil and gas industry and a strong partner with government in the utilization and development of the LPG sector in the country. “I am excited at what I am seeing here today. Everything can speak for itself. As you can see, energy is very important in the global economy and I am glad that Nigerian’s are playing key roles in the oil and gas industry,” Sylva stated. He added that the company was working in tandem with the vision of the federal government in making gas a preferred fuel in the country.
Rainoil’s investment in gas development aligns with President Muhammadu Buhari’s agenda in the National Gas Expansion Program (NGEP). The minister also added that the government has declared 2020 as “the year of gas”.
The country has sufficient gas reserves to meet its energy needs, said Sylva, and that he was happy to see Rainoil align with the governments drive to deepen LPG penetration and attain 5millionmt of LPG consumption by 2022.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, lamented Nigeria’s current status as a net importer of fuel products, and said that NNPC was ever ready and willing to support every company making effort in accomplishing the federal government’s developmental agenda. “We believe that gas is our next instrument for developing our economy, and we commend Rainoil in its effort in ensuring the use of gas in the country,” Kyari said.
Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, said the company’s decision to invest in growing the LPG sector started in 2018. Rainoil Gas would meet the energy needs of customers at the retail end in the coming months. “There are filling plants in process where LPG can be supplied in cylinders to consumers,” he added.
