Mr Wale Tinubu, the Managing Director, Oando Plc on Thursday said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries, Vanguard reports.
Tinubu stated this at the company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos. He said that refurbishment of the refineries would enable the country to end fuel importation. Tinubu stated that the company would take advantage of its indigenous status by participating in the Federal Government bid.
He said that the company was besieged with liquidity constraints, devaluation of the naira and a slump in oil earnings due to low oil prices intensified by the insurgency in the Niger Delta. According to him, the company has however mapped out strategies to mitigate the foreign exchange challenges, as 90 per cent of its earnings focus will be on dollar, while 10 per cent will be in naira.
On the midstream, Tinubu said that the company would invest in acquisition of NIPP grid connected power utilities in the current financial year. He also stated that the company would commence phased development of a gas distribution system in Tema industrial area Ghana in 2018.