11 Plc reactivates 5yr dormant aviation fuel business

11 PLC., FORMERLY KNOWN AS MOBIL PLC., has reactivated and revitalised its five-year dormant aviation business by recommencing the sale and marketing of aviation jet fuel (ATK) at the Murtala Mohamed International Airport and the General Aviation terminal (GATDomestic).

Ayomike Amaju of the company’s public and government affairs department disclosed this in a statement he signed and was filed with the Nigerian Stock Exchange (NSE) Friday on behalf of management.

According to the statement, 11 Plc., which is the sole authorised distributor of Mobil fuel and lubricant brands in Nigeria recommenced the sale and marketing of ATK in collaboration with Air BP.

The company also noted that the decision to relaunch is in the wake of the construction of a new 20 million litre ATK tank and laying of new ATK pipelines linking the company’s facility at Apapa with the Apapa jetty.

“We are delighted with the relaunch and our collaboration with Air BP. Air BP is one of the world’s largest suppliers of aviation fuel products and services,” said Adetunji Oyebanji, MD/CEO, 11 Plc.

Oyebanji who was commenting on the development also said the company is leveraging Air BP’s innovative technical support and risk management expertise to provide best-in-class aviation fuel services to airline customers.

Investor reaction to the firms’s announcement remained unchanged as its shares price stayed stable at N165 per share with a trade volume of 24,539 worth N3.9 million consucted in 24 deals.

The company however noted that under its new management, it “continues to take huge strides in the Nigerian oil and gas downstream sector in keeping with its strategic investment drive geared toward repositioning for maximum output and improving the company’s growth and earning potentials.”