…Refinery to generate 50MW
Managing Director and Chief Executive Officer, Aradel Holdings, Adegbite Falade has revealed that in less than 12 months, the company’s modular refinery would begin to refine premium motor spirit (PMS).
The move, according to him, is line with the company’s commitment to local content development and diversification of the Nigerian economy.
He revealed this during the company’s rebranding and 30 years anniversary of its incorporation, which was held in Lagos.
Falade noted that the development is about the domestication of hydrocarbons with subsidies and deliberately stimulating import substitution to contribute to a reduction in the pressure of the country’s currency by having to spend less on imports.
“Starting within less than 12 months, we are going to come on stream as the first privately owned modular refinery into the refinery of PMS and the domestication arrives within the domestic economy. Nigerians should expect a refinery that is going to be significantly larger in capacity,” he said.
He stressed that the company is driven by a steadfast commitment to deliver sustainable energy solutions that power economic growth while preserving the environment with a legacy of expertise and a future oriented mindset.
Falade also pointed out that the company generates 4.6 megawatts (MW) of power used in the premises , adding that the near-term target within five years is to grow the initial to about 50 MW.
Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, who also spoke at the event called on indigenous oil and gas companies to instill principles of corporate governance in their operations for growth and sustainability.
He pointed out that Aradel holdings have succeeded because of its strict adherence to the principle of corporate governance.
According to him, most local companies have died because they do not adhere to the principles of corporate governance.
Previously called Niger Delta Exploration & Production Plc (NDEP), the company rebranded to Aradel Holdings at the 30th anniversary, saying that the development became necessary to reflect its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth.
Chairman, Aradel Holdings, Ladi Jadesimi said NDEP has been a significant player in the industry for decades, takes a long-term view of energy provision, the global energy transition and it seeks opportunities to introduce technology that harnesses the abundant energy sources in Nigeria and Sub-Saharan Africa into an affordable and sustainable energy bouquet that promotes universal energy access.
He stressed that the new brand identity reiterates the company’s commitment to innovation, growth, and sustainability and will continue to focus on exploration and production, as well as invest in renewable energy and other emerging technologies to further diversify its investment portfolio to ensure long-term strength.
“This is an important day for our company because it signifies our coming of age as a fully integrated player in the energy business, we are very aligned with the dynamic changes, opportunities, and challenges ahead of us and have a robust and well-articulated strategy to take advantage of the opportunities while managing the risks.
“A brand is only as valuable as the quality of goods and services associated with it. In cognizance of this fact, our brand will be a reference point in the industry both nationally and internationally. Our determination is to be the most successful and respected in the energy space in Nigeria.”
