By Modupe Gbadeyanka
A long-term agreement has been sealed between Obat Oil and Petroleum Ltd and Vital Allied Energy Supply & Services Ltd, (VAE) for the supply of 100,000mt of refined product quarterly, with a delivery of 30,000mt monthly.
The first tranche of AGO cargo arrived at Obat terminal in Apapa within the week and loading activities commenced immediately and then discharged into tanks.
In view of the high demand for the use of the product in the market, plans are already in progress by VAE to further increase the monthly volume to meet up with the market demand.
The agreement between the two companies is to further strengthen the market supply of AGO and other petroleum products.
However, in order to actualize the supply chain mechanism, Obat Oil, in conjunction with its arm of NUPENG and Petroleum Tanker Drivers, (PTD), entered into a Memorandum of Understanding (MOU) with VAE to ensure the smooth delivery of the products across the country.
Obat Oil & Petroleum Ltd is a major marketer in the oil and gas business in Nigeria and other selected countries, with a growing list of offices, including those in Europe and America.
Its resources and strengths have established it as a major provider in the global energy market, while further enhancing its status as a global player in oil trading and related and allied businesses.
The management team is headed by the scion of its founder, Prince ‘Femi Akinruntan, the Managing Director and Chief Executive Officer, who has since mounting the saddle of the MD/CEO, has been taking the company to greater heights without cutting corners, especially in the volatile business of independent marketing of oil and gas products.
This new venture is one of the lofty heights the crown prince and his team have been striving to inch to in the industry.
more recommended stories
Nigeria’s Manufacturing PMI Sustains Faster Growth Rate in May
By Dipo Olowookere The Central Bank.
NSE Bars Stockbrokers, Others from Capital Market for Fraud
By Dipo Olowookere No fewer than.
N8.7bn Financial Stocks Exchanged Hands in One Week
By Dipo Olowookere A total turnover.
MTN Nigeria Suffers First Loss at Stock Market
By Dipo Olowookere For the first.
Stockbrokers Institute Offers 31 Financial Journalists Scholarship
A total of 31 financial journalists.
ABCON Urges Members to Shun Gmail, Yahoo
Over 4,500 Licenced Bureau de Change.
How to Achieve Total Agric Transformation in Nigeria–Obasanjo
By Dipo Olowookere Former President Olusegun.
Naira Devalues by 0.03% at Interbank Despite Supply of $210m
By Dipo Olowookere The Nigerian Naira.