An integrated energy provider in Nigeria, Eterna PLC, has announced its plan to strengthen gas utilization in the country as it is investing in the deployment of Liquefied Petroleum Gas (LPG) skids across some of its retail outlets.
This was made known at a news briefing on Monday in Lagos State by the firm’s newly appointed Managing Director/Chief Executive Director, Mr. Benjamin Nwaezeigwe.
The new MD/CEO explained that Eterna’s move was targeted at supporting the efforts of the Nigerian government to deepen gas utilization in the country in line with the global energy transition.
The Punch quoted Nwaezeigwe as saying that “The industry is moving towards CNG and LPG and as a company, we have started positioning ourselves for that.
“We are deploying skids in our existing retail outlets across the country and we also hope to go into LPG storage in the near future.’’
The Eterna’s new boss further lamented that marketers were currently facing a myriad of challenges, including lack of access to foreign exchange, high interest rates, issues around sourcing products from NNPC, unavailability of vessels to transport white fuels to depots, increased prices of freight and volatility of the naira against the dollar.
According to him, the challenges were further worsened by the ongoing Russia-Ukraine war which has resulted in a global oil and gas crisis.
He therefore recommended deregulation of the oil and gas industry, as he argued that it would attract more investors and lower barriers to entry, which would allow the establishment of modular refineries in strategic locations.
He maintained that such efforts would increase domestic refining capacity and resolve the supply challenges in the industry.