Eterna Plc looks to increase retail footprint as it clocks 30

ETERNA PLC IS LOOKING to scale up its presence in the Nigerian downstream oil and gas sector as the company celebrates its 30th year of operating in the Nigerian economy.

Mahmud Tukur, chief executive officer of the company said the company plans 200 new retail outlets in the country in the next five years, which will help in scaling up “its existing business by increasing its retail presence.”

It also said that it would be investing in LPG facilities and rolling out of LPG distribution channels using retail outlets and independent distributors, across the whole country.

With business focus in fuel supply and lubricants, Eterna said it would also provide competitively priced high-grade lubricants, and utilize its assets to compete favourably in the supply of aviation fuel.

The company also announced that its annual audit would be completed in the first half of 2019, in order to meet regulatory timelines and hold the annual general meeting (AGM).

As part of the anniversary celAS ebration, the company is launching a continuous company social responsibility (CSR) programme, organizing stakeholder engagements and a retail sales promotion.

Eterna Plc was incorporated on the 13th of January 1989 as Eterna Oil & Gas Limited. It commenced business in 1991 and its shares were listed on the Nigerian Stock Exchange in 1998.

It established a technical partnership with Castrol BP in 1991. The relationship gave rise to a distributorship agreement and an exclusive right to import and market Castrol products in Nigeria. Some of the its licences to manufacture Castrol products were suspended between 2001 and 2003, However, between 2015 – 2017 these licences were re-issued to manufacture a broader bouquet of Castrol products.

It destribed its current relation- ship with Castrol as stronger than ever, adding that its Sagamu lu- bricants blending plant is the only accredited Castrol blending plant in West Africa and one of two ac- credited in Africa.

It changed its name to Eterna Plc in June 2007 to enable it function optimally as an energy company.