Rainoil acquires 2 new vessels to boost fuel supply

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Rainoil Limited, a leading indigenous petroleum products marketing company, has acquired two multi-million dollar oil vessels, MT Adeline and MT Emmanuel, to boost petroleum products’ availability and distribution in the country.

MT Adeline is a 20,000-tonnage vessel, while the carrying capacity of MT Emmanuel is 15,000-tonnage. Both vessels are world-class facilities that meet international standards suitable for quick Ship-To-Ship (STS) loading of petroleum products from one vessel to another.

Inaugurating the two vessels at the Rainoil Jetty and multi-product Tank Farm in Oghara, Delta State, the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Mr. Reginald Stanley, said the investment was a significant milestone and a big boost to the nation’s economy in the areas of foreign exchange conservation, reduction in the cost of freight of petroleum products, employment opportunities and speedy distribution of products across the country.

“Although Rainoil is a big player in the PMS (Premium Motor Spirit) sector to the nation, these vessels will provide an excellent logistic to other players in the downstream. I therefore urge other marketers to use the services of these vessels, so as to optimise its utilisation, thereby reducing the unit cost of freight. There is also the need to patronise our local fender providers in STS (Ship-To-Ship) operations, so as to build a strong synergy in shipping operations. A situation where foreign fender providers dominate the market should be discouraged”, Stanley said.

He noted that the addition of MT Adeline and MT Emmanuel to the maritime component of oil and gas operation was another big plus for the country because, apart from being world-class facilities, they met stringent vetting standard of multinational majors, qualified for STS operation, as well as being environment-friendly.

Also speaking, the Managing Director and Chief Executive Officer of Rainoil Ltd, Mr. Gabriel Ogbechie, said the new vessels and other previous investments by the company including a jetty and storage depot and their choice of location in Oghara, were strategic moves to enhance speedy distribution of petroleum products to the South-south, South-east, the Federal Capital Territory and northern states, because of the centrality of the town.

He also said the new investment further demonstrated his company’s commitment to leadership and foresight, which underpinned the vision that gave birth to it 1994. According to him, the company started from a humble beginning but it has grown exponentially with over 25 retail outlets across Nigeria, 60 tank trucks, 50-million litre capacity petroleum products storage depot and a jetty.

The Chairman of House of Representatives Committee on Petroleum (Downstream), Hon. Dakuku Peterside, who identified value-addition and forthrightness as essential ingredients for success in business, described the new vessels as another value-creation by Rainoil worthy of emulation by other operators in the Nigerian economy.

“Businesses must not stop adding value, because value maximisation is good for the business, country and all stakeholders alike. This new investment by Rainoil is a value-addition”, he said and pledged the support of the National Assembly to make the private sector thrive as a catalyst for economic growth.

Information from This Day was used in this report.