Energy

NIPCO begins production of LPG to boost market share

A s part of efforts increase its market share, Nipco Plc has announced plans to go into production of Liquefied Petroleum Gas (LPG) populary called cooking gas.

Managing Director of the company, Mr. Sanjay Teotia, who disclosed this on the sidelines of NIPCO’s 15th Annual General Meeting (AGM) in Abuja, pointed out that plans are in top gear for the take off of LPG production.

“Your company is thinking of venturing into LPG production against the background of the nation’s richness in natural gas. In the near future, we are going into its production,” he said.

The strategy to diversify and grow the streams of income through the expansion of the company’s oil and gas business, Teotia said, would gain more momentum.

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Currently in LPG storage space, NIPCO, he said, “not only possess the largest but is the most active as well as the supplier of choice.

“Our shareholders will continue to smile with good returns on their investment year in year out but with a caveat that challenges in the sector are addressed headlong by concerned stakeholders,” he stated

He disclosed that, the company does not envisage job loss or lay off but expressed hope to improve its employment status with opportunities for more vibrant and experienced personnel to give added impetus to its excellent service delivery phenomenon.

“Our growth plans for the future would be hinged on focused implementation of our strategic intent of exceeding customer’s expectations in all our line of businesses.”

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In pursuit of NIPCO’s resolve to be relevant in the industry, Teotia said; “our backward integration blueprint would be further intensified with a view to making it consequential on our balance sheet in 2019.

We will also remain focused on delivering on our strategic objectives of being the company of first choice in the industry with the ultimate aim of generating more values for our shareholders and stakeholders in general.”

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