The Managing Director and Chief Executive Officer of Aradel Modular Refinery, Adegbite Falade, said the company’s modular refinery would start producing premium motor spirit (PMS) within 12 months.
The move, according to him, is in line with the company’s commitment to local content development and diversification of the Nigerian economy.
He revealed this during the company’s rebranding and 30th anniversary of its incorporation held in Lagos.
Falade noted that the development was about the domestication of hydrocarbons and stimulating import substitution to contribute to the reduction of the pressure on the country’s foreign exchange (FX) earnings.
“Nigerians should expect a refinery that is going to be significantly larger in capacity”, he said.
He stressed that the company was driven by a steadfast commitment to deliver sustainable energy solutions that power economic growth, while preserving the environment with a legacy of expertise and a future-oriented mindset.
Falade also pointed out that the company generates 4.6 megawatts (MWs) of electricity to power its plant, adding that the near-term target within five years is to grow the capacity to about 50 MW.
Previously known as Niger Delta Exploration and Production Plc (NDEP), the company rebranded to Aradel Holdings at its 30th anniversary, saying that the development became necessary to reflect its long-term strategy of becoming Africa’s leading organisation in the delivery of sustainable energy solutions that support economic growth.
Chairman, Aradel Holdings, Ladi Jadesimi, said NDEP has been a significant player in the industry for decades and takes a long-term view of energy provision, the global energy transition and it seeks opportunities to introduce technology that harnesses the abundant sources in Nigeria and other sub-Saharan African countries.