{"id":29913,"date":"2019-02-13T11:17:52","date_gmt":"2019-02-13T10:17:52","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=29913"},"modified":"2019-02-13T11:17:52","modified_gmt":"2019-02-13T10:17:52","slug":"eterna-targets-200-petrol-stations-in-five-years","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/eterna-targets-200-petrol-stations-in-five-years\/","title":{"rendered":"Eterna Targets 200 Petrol Stations In Five Years"},"content":{"rendered":"

The Management of Eterna Plc has concluded plans to establish not less than 200 petrol stations in the next five years from the 35 it currently operates.<\/p>\n

Speaking in Lagos on Tuesday, Managing Director, Mahmud Tukur also declared that market forces should determine the pump price of petrol as subsidy payments currently borne by the government is not \u201csustainable\u201d.<\/p>\n

According to him, the incoming administration should announce full deregulation of the downstream sector when it comes into power on May 29.2019<\/p>\n

Tukur, who spoke during a press briefing to mark the company\u2019s 30-year anniversary explained that the company is expanding its downstream operations despite Nigeria\u2019s \u201cchallenging operating environment\u201d.<\/p>\n

Tukur said Eterna\u2019s growth plan is based on a \u201clonger-term vision\u201d with the knowledge that actual profit margins are at the pumps or at the point of sale.<\/p>\n

He said the company operates at high standards at par with the IOCs coupled with local knowledge\u00a0of the operating environment, thereby giving it a competitive edge in its downstream operations.<\/p>\n

\u201cOn this, let us first look at the rise of the super independents who have now become majors. We\u2019ve seen new majors beyond the traditional Mobil, Total etc. Now the divestment is the fact that the operating environment is challenging but as a local operator, we know how to operate in this environment,\u201d he said.<\/p>\n

\u201cIn fact, it tells that the company is probably in a very unique position, almost what I call \u2018no man\u2019s land,\u2019 because we are an independent but we\u2019re quoted. So we\u2019re the only independent company that is listed who is not a major (oil major).<\/p>

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\u201cHowever, we operate like a major. So our structure is like a major\u2013our governance processes, what we bring, HSSE (Health, Safety, Security and Environment) standards, quality assurance standards, ISSO (Information Systems Security Officer) certification, ERP (Enterprise Resource Planning) deployment\u2013all of these things points to how majors work. There\u2019s no difference from how we operate to how Total operates. Those are the standards we aspire to.<\/p>\n

\u201cWorking with the likes of BP Castrol again gives us a certain discipline in how we operate our business, so we are bringing that discipline along with the local content on how to operate the business.<\/p>\n

\u201cIt takes relationships, it takes understanding, it takes a longer-term vision on the market and of course for the fact that majors are exiting, there are Nigerian companies that are taking over those operations because the market is still here, deregulation is coming whether we like it or not. People still need petrol stations.<\/p>\n

\u201cWe are investing in an area that we know the margins are \u2014 the last mile, that is the pumps. If we need to be in a business that is sustainable, we need to be where the margins are and therefore that is where we are looking to grow.<\/p>\n

\u201cSo we are looking not only to growth, not only to lease, not only to acquire, but also to merge. We are looking at M&A (merger and acquisition ) opportunities.<\/p>\n

\u201cSo if there are opportunities for us to scale up via M&A, we will do it because ultimately, we have an operating capacity, an operating knowledge, and discipline that we can bring to an independent operator to make their business much more sustainable.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Management of Eterna Plc has concluded plans to establish not less than 200 petrol stations in the next five years from the 35 it currently operates. Speaking in Lagos on Tuesday, Managing Director, Mahmud Tukur also declared that market forces should determine the pump price of petrol as subsidy payments currently borne by the …<\/p>\n","protected":false},"author":6,"featured_media":29914,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[2213],"coauthors":[2391],"class_list":["post-29913","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-eterna-plc"],"yoast_head":"\nEterna Targets 200 Petrol Stations In Five Years - National Wire<\/title>\n<meta name=\"description\" content=\"The Management of Eterna Plc has concluded plans to establish not less than 200 petrol stations in the next five years from the 35 it currently\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/eterna-targets-200-petrol-stations-in-five-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eterna Targets 200 Petrol Stations In Five Years - 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