OBAT Petroleum Now Major Marketer, says Kupolokun

Source: ThisDay News; Apr 12, 2004 (This Day/All Africa Global Media via COMTEX) : Visit Site

Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Funso Kupolokun, has declared that OBAT Petroleum has attained the status of a major petroleum marketer.

Kupolokun disclosed this at the weekend after his maiden inspection visit of facilities at the premises of OBAT Oil and Petroleum, located at Ibafor, Beachland Estate, Apapa, Lagos.

According to the NNPC boss, “today, when we talk about the volume of business of OBAT Oil and Petroleum Limited, the definition of major petroleum marketer has changed. OBAT is indeed a major petroleum marketing company today.”

Showing satisfaction after touring facilities at the depot, a massive jetty, Kupolokun said he was hinging his assertion on the volume of petroleum that OBAT brings into the country like other major oil companies.

“Today, we are here at OBAT to witness 65 million litres of storage, the largest in Africa. You can now picture what we are talking about when we mentioned liberalisation. The national consumption of PMS (petrol) is 30 million litres a day. And here in this tank, you have enough products to supply the entire nation for two days,” said Kupolokun.

He said: OBAT management board has been doing this wonderful job here. I have known OBAT’s chairman, Prince F.E. Akinruntan for quite a while. Even back in those days when I was Group Executive Director, Commercial and Investment, NNPC, in the early 1990s, and of course, knowing what I knew of him then, I’m not surprised today about what we are seeing here.

“Our friend said today is Good Friday and we are here on a good Friday and I can tell you that we are here to celebrate one thing – liberalisation,” he declared.

Arguing that the Obasanjo administration is now vindicated on its liberalisation policy which received lots of criticism when it was introduced, Kupolokun said only the success of liberalisation policy can produce an independent marketing company like OBAT, to rub shoulders with foreign major petroleum marketing company within a very short period after the introduction of the policy by the Federal Government.

“At the beginning, it looked like a bitter pill. But one needs this pill to get cured of the ailment. Three years ago, liberalisation looked like a bitter pill. We had to go from one point of the country to the other trying to convince people that it is the right thing to do, that it is good for us. I’m sure that Nigerians today must be convinced that liberalisation means exactly what we say – That liberalisation is about job creation, wealth creation, products availability, reasonable pricing, and vibrancy in the industry.”

Speaking earlier, Obat Chairman, Prince Akinruntan, pleaded with the NNPC boss to put in place credit facilities to encourage independent investors to help the economy grow.

“In view of our large capacity and distribution network as a leading independent petroleum marketing company with 27 outlets, we hereby solicit the allocation of large quantity of petroleum products by the NNPC/PPMC, to boost supply and distribution of petroleum products to the nooks and crannies of the country.”

Among those who accompanied Kupolokun on the tour were Eng. M. Yar’Adua, Group Executive Director (R&P), S. Achimugu, Managing Director, PPMC, Mr. Reginald Stanley, General Manager, PPMC, Dr. Levi Ajuonuma, General Manager, Group Public Affairs, and Mr. Adebayo Ibirogba, Coordinator NNPC Retail.

Obat Oil to build refinery in Nigeria
Source: Daily Trust; Jul 13, 2005 02:00 AM: Visit Site

The Directorate of Petroleum Resources (DPR) has given Obat Oil and Petroleum approval to construct (ATC) 120,000 bpd refinery in Nigeria.
The Chairman of the company, Prince Fredrick Akinruntan said, the multi-million dollar private refinery (Obat Refinery) will be located in a strategic area of Erunna, Ilaje Ese Odo, Ondo state.

According to him, he chose the site of the refinery due to the fact that it is located in front of the Atlantic Ocean and would ease access for the evacuation of refined products to different markets around the world.

He said that the cost of the project would be borne through loan facility from local banks including First Bank, and two other international banks.

In the meantime, the chairman disclosed that his technical partners, Energy Commission, Swiss and UK Salton have made technical presentation on the 120,000 bpd refinery which is designed to be constructed in two phases to the DPR before the ATC was granted.
The first phase of the project will likely be on stream late 2007, he said.