Firm Seeks Stronger Collaboration To Boost Alternative Fuels

As Nigeria’s downstream oil industry continues to attract new investments, shareholders of 11 Plc,
formerly Mobil Oil Nigeria Plc,
have demanded broader partnerships to influence new investments, especially in gas business operations.

The firm said it is positioning itself for growth in alternative fuels, particularly compressed natural gas (CNG), as the downstream sector undergoes significant transformation.

It is also strengthening partnerships with domestic refiners and expanding its footprint in alternative fuels to drive sustainable growth.

Chairman, 11 Plc, Ramesh Kansagra, made the call in his address to shareholders at the 47th Annual General Meeting, chaired on his behalf by non-executive director, Alhaji Abdulkadir Aminu.

He hinted that the emergence of domestic refining capacity presents opportunities for efficiency and challenges associated with price volatility and margin compression.

Aminu expressed the company’s commitment to constructive engagement with the Dangote Refinery with a view to fostering a mutually beneficial and symbiotic relationship.

The company’s priorities, he said, include expanding its white oil station network, enhancing operational efficiency, and diversifying revenue streams.

“We are confident that these strategic pillars will enable us to navigate uncertainties while positioning the company for sustainable growth and long-term value creation,” Aminu added.

He also revealed that 11 Plc is focusing on optimizing asset utilization and maintaining strong corporate governance and financial discipline expressing optimistic about the long-term prospects of the industry, with the increasing availability of locally refined products expected to enhance supply security and reduce systemic inefficiencies.

“The company’s commitment to alternative fuels is driven by its vision to become a leading player in the energy sector. 11 Plc is leveraging its strong brand reputation and distribution network to drive growth in Compressed Natural Gas and other alternative fuels ” he asserted

He also highlighted the import of collaboration in driving growth in the energy sector. stressing “We are committed to working with our partners and stakeholders to create a conducive business environment and drive sustainable growth,” .

He expressed optimism that the company’s focus on alternative fuels is expected to contribute significantly to its growth in the coming years, adding that 11 Plc is well-positioned to capitalize on the opportunities presented by the evolving downstream sector.

He noted:” The company’s strategic initiatives are designed to drive sustainable growth and long-term value creation. 11 Plc is confident that its focus on alternative fuels, operational efficiency, and customer satisfaction will enable it to navigate uncertainties and achieve its goals.”

He averred that 11 Plc’s focus on alternative fuels is a key component of its growth strategy which is expected to yield positive results in the coming years.