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Oando Plans Own Refinery From Cletus Akwaya in Abuja Major oil marketer, OandoPlc, is to set up a petroleum refinery as part of its strategic plan to control a fair share of the market in downstream sector of the oil industry. This is in spite of the company's interest to acquire 51 per cent equity in one of the nation's four refineries being privatised by the Bureau of Public Enterprises (BPE), for which it has submitted Expression of Interest (EOI). Managing Director of the company, Mr Wale Tinubu, disclosed this in Abuja during an investment forum for Oando's present and prospective shareholders ahead of its planned N5 billion offer of shares in the capital market, saying analysis of the petroleum industry shows that the country still requires new refineries to complement those in existence and those licensed. "The real demand of petroleum products is about 50 million litres a day, what is being supplied is about 32 million litres out of which the NNPC accounts for 18 million litres while other oil companies account for the rest," he said. He did not give details of the planned size of the refinery, its location and the size of investment envisaged, but said with about 580 outlets in different parts of the country, Oando was best placed to establish and run a refinery. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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