Rainoil marks 25th anniversary, pledges commitment to development of downstream sector

Mr Gabriel Ogbechie, Group Managing Director, Rainoil Ltd., says the company is committed to the development of the petroleum downstream value chain, which is critical to Nigeria’s economic growth.

Ogbechie made this known in an interactive session with journalists on Thursday in Lagos to mark the company’s 25th anniversary.

Ogbechie said Rainoil Ltd. which started operations in May 1997 had grown to become a prominent player in the Nigerian oil and gas industry, providing employment opportunities for about 2,000 Nigerians.

He said, “In the last 25 years, we have been able to achieve great feats in the downstream sector of the Nigerian oil and gas industry.

“From the retail business, where we now have presence in 26 states with over 130 stations, to being the only player in the downstream sector with bulk storage facilities strategically located in three key locations in the country.

“We equally established the company, Rainoil Logistics Services Ltd., which drives the delivery of our energy products to our esteemed customers nationwide.

“We have also recently deepened Liquefied Petroleum Gas (LPG) penetration in the country with the launch of our ultra-modern 8,000MT LPG storage facility in Ijegun, Lagos.”

According to him, Rainoil Ltd. has continued its upward trajectory through strategic planning, innovation and creating a conducive working environment for its employees.

Ogbechie said the company had also ensured that it gave back to the society and its host communities through its various Corporate Social Responsibility (CSR) initiatives.

This, he said, included construction of a block of classroom at Oghareki Grammar School, Oghara, in Delta, distribution of educational materials to students, health care interventions and sports development among others.

He said going forward, the company would key into the ongoing transition to cleaner sources of energy including the Federal Government’s autogas plan, which was aimed at reducing Nigeria’s dependence on petrol.

Ogbechie, however, advised the government to remove subsidy on petrol, adding that the humongous amount spent on subsidy was draining the nation financially.

He said the money saved from the removal of subsidy could be channeled to funding other critical areas, especially education.