Techno-oil Expands Depot Facilities to Include PMS

Techno-oil Petroleum Limited, a member of the Technooil Limited Group, has embarked on an expansion project of its 15,000 metric tonnes depot facilities located at the Kirikiri Lighter terminal in the Apapa area of Lagos with the addition of another four spheres for Premium Motor Spirit (PMS).

The additional spheres will add another 5,000 metric tonnes to the capacity of the plant and improve the company's depot carrying capacity that will on completion add PMS to the existing AGO (diesel) and Kerosene range that are dispensed from the depot.

Officials of the company told Ned during a recent visit to its office that the planned expansion project whose construction has reached advanced stages will improve the fortunes of the company as well as its competitive edge as a major indigenous player in the downstream sector of the petroleum industry.

In the last two years indigenous depot operators have raised the stake in the downstream sector by expansion of existing facilities and developing new ones such that they currently account for 34 of the existing 79 depot facilities currently existing in the country.

Besides, another 19 new depots under construction in various parts of the country by the end of the first half of the years are said to be owned by indigenous operators, a development that will give them the leading edge in ownership of depot facilities when the going construction activities are completed.

Of the existing depot facilities in the country, the Nigerian National Petroleum Corporation (NNPC) manages 23, while the major marketers take charge of the remaining 22 depots in various parts of the country.