CEM REPORT, ENERGY | Aradel Holdings, in its commitment to local content development and diversification of the Nigerian economy, has said that the company’s modular refinery would begin to refine premium motor spirit (PMS) in less than 12 months. A private company has said that it would commence the refining of premium motor spirit (PMS) in less than 12 months.
According to the Managing Director and Chief Executive Officer, Aradel Holdings, Adegbite Falade, the company is driven by a steadfast commitment to delivering sustainable energy solutions that power economic growth.
He revealed this during the company’s rebranding and 30th anniversary of its incorporation, which was held in Lagos.
“Starting within less than 12 months, we are going to come on stream as the first privately owned modular refinery into the refinery of PMS and the domestication arrives within the domestic economy. Nigerians should expect a refinery that is going to be significantly larger in capacity.”
He added that the refinery will deliberately stimulate import substitution and reduce the pressure on the country’s currency by having to spend less on imports.
Aradel Holdings, previously known as Niger Delta Exploration & Production Plc (NDEP), until its 30th anniversary,
Previously called Niger Delta Exploration & Production Plc (NDEP), the company rebranded to Aradel Holdings until its 30th anniversary and has been a significant player in the industry for decades. It seeks opportunities to introduce technology that harnesses the abundant energy sources in Nigeria and Sub-Saharan Africa into an affordable and sustainable energy bouquet that promotes universal energy access according to its Chairman Ladi Jadesim.
He noted that the new brand identity reiterates the company’s commitment to innovation, growth, and sustainability and will continue to focus on exploration and production, as well as invest in renewable energy and other emerging technologies to further diversify its investment portfolio to ensure long-term strength.
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“This is an important day for our company because it signifies our coming of age as a fully integrated player in the energy business, we are very aligned with the dynamic changes, opportunities, and challenges ahead of us and have a robust and well-articulated strategy to take advantage of the opportunities while managing the risks.
“A brand is only as valuable as the quality of goods and services associated with it. In cognizance of this fact, our brand will be a reference point in the industry both nationally and internationally. Our determination is to be the most successful and respected in the energy space in Nigeria.”
If Aradel Holdings can deliver on its promise of refining PMS in the time frame stated, it implies that the cost of the product will become more competitive than it is already. It will also reduce the pressure on the naira from importing the product.