Oil industry’s future remains bright – Petrocam MD

The Managing Director of Petrocam Trading Nigeria Limited, Mr. Patrick Ilo, is optimistic that the future of global oil and gas industry is bright.

Notwithstanding the COVID-19 pandemic, he is optimistic of a boost in the demand and supply of oil at the global market soon because “economic activities will resume”.

Ilo, in a chat with reporters, said the world would soon learn how to live with COVID-19, such that the virus will become like a common flu that can be cured.

On the effect of COVID-19 on downstream sector, he said: “COVID-19 has severely affected the downstream sector. The economy is not in full swing and we have been experiencing low patronage. Downstream is a function of a number of cars or trucks doing their commercial activities. It is when people are doing their commercial activities that they buy fuel. At this period people are not buying compared to pre-COVID-19 era and sales have reduced drastically, but it is only for a period of time.”

Ilo, who spoke at the inauguration of Petrocam’s new solar powered filling station at Ogolonto, Ikorodu, Lagos, explained that until there is an effective deregulation in the sector, the Petroleum Products Pricing Regulatory Agency’s (PPPRA) will continue to do what it is doing as a regulator in the industry.

Also, the Chief Operating Officer, Petrocam Trading Nigeria Limited, Mrs. Eyo Oghogho, said the new filling station has five metric tonnes of gas skid and six underground tanks with 45,000 litres capacity each, five tanks for Premium Motor Spirit (petrol) and one tank for Automated Gas Oil (Diesel).

She said the firm planned to build one-stop filling station in Lagos State and its neighbouring towns where people could buy fuel, gas, lubricants and grease, and service their cars, among others. before launching into other state capitals.

“We have itemised local governments with high population in Lagos State and Ikorodu is one of them and that is one of the reasons behind our coming to Ikorodu,” she said.

Mrs Oghogho said with the Federal Government’s involvement in LPG, which is to encourage the usage of the product, the firm hopes to go into the suburbs in Lagos State and provide LPG plants where people can have access to LPG without travelling kilometres.

Source: The Nation