One of the foremost indigenous oil and gas players in Nigeria, Niger Delta Exploration and Production Plc has rebranded its corporate identity to Aradel Holdings.
The firm has also revealed that its operational refinery would start producing Premium Motor Spirit (PMS). The refinery currently produces diesel and other derivatives like Naphtha.
The Chief Executive Officer (CEO), Aradel Holdings, Adegbite Falade made this known during the rebranding ceremony last week in Lagos at the Eko Hotel.
Falade pointed out that the modular refinery owned by the firm would become the first in the country to start producing PMS with substantial capacity to satisfy the needs of the immediate domestic economy. The PMS production is scheduled to start within 12 months
This development would be a significant milestone as the only other local refinery that is also scheduled to start production is the Dangote refinery in Lagos.
Falade also revealed that the refinery currently generates 4.6MW of power which is projected to rise to 50MW in the next five years.
The Chairman of the company, Ladi Jadesimi said the company had been in the industry for the last 30years and that the new brand identity signifies its commitment to growth, innovation and sustainability In the industry.
Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), also spoke remotely to participants at the rebranding. Wabote said Aradel Holdings had maintained its growth trajectory for this long because it instilled principles of corporate governance in its operations.
Aradel Holdings, formerly known as Niger Delta Exploration & Production Plc (NDEP) is a player in the Upstream, Midstream and Downstream sectors of the Nigerian oil and gas industry. The firm primarily operates from its Ogbele Field in Rivers State. The existing field also provides feedstock to its existing modular refinery in the same vicinity.
The company is also a supplier of gas to the Nigerian Liquified Natural Gas Company (NLNG) in Bonny, Rivers State.