Conoil PLC

PEF Partners Conoil For Seamless Nationwide Fuel Distribution

2011-Jul-22
The Petroleum Equalisation Fund (PEF) has chosen Conoil Plc, Nigeria’s foremost petroleum products marketer as pioneer partner for the implementation of its new electronic-loading and payment device co-named “Project Aquila”.
Project Aquila is a hi-tech electronic transaction processing system aimed at ensuring seamless fuel distribution across the country. It will replace the manual processes hitherto used in the verification of fuel supply and distribution data that was subject to abuse and manipulation.
The successful implementation of the project is expected, among other advantages, to reduce to the barest minimum, recurring strikes in the downstream sector of the petroleum industry.
Speaking at the official launch of the project’s pilot scheme, which took place at Conoil Apapa Depot in Lagos, the Executive Secretary of PEF, Mrs. Adefunke Kasali revealed that the company was chosen because of its vast retail network across Nigeria, and its organizational efficiency in the management of the huge number of trucks in its fleet.
“Given its wide spread of retail network, efficient management of its fleet of trucks and the company’s openness in its business operations, we are delighted to have chosen Conoil as our pioneer partner for the scheme,” said Kasali.
According to the PEF scribe, the agency required a company of high integrity with huge storage capacity for a wide range of different petroleum products under one roof to efficiently and pro-actively pioneer this unique project. “As a foremost indigenous marketer with a rich history and pedigree, Conoil is a good brand that would lend credibility to the project,” Kasali added.
She said that with the new system, which is being implemented in phases, the presentation of fake meter tickets to PEF would be significantly reduced if not totally eliminated, adding that the target is to have all bridging claims processed and paid within two weeks. According to her, “Only trucks bridging products owned by Conoil will use the system between now and October.” The manual system of bridging claims will be phased out by January next year.
Also speaking at the event, the Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr. Femi Lawore reiterated Conoil’s enormous storage capacity for various petroleum products which would in turn provide PEF the opportunity to solve teething problems arising from the introduction of project Aquila.
In his remarks, the Managing Director of Conoil Plc, Mr. John Vasikaran expressed the company’s delight in having the honour of partnering with PEF. He described the system as a noble attempt to further ensure availability of petroleum products nationwide, adding that this was consistent with the objective and vision of the company.
“We are prepared and always ready to support the Federal Government’s effort at ensuring constant supply of petroleum products across the country. We will do all within our powers to make it a success,” he enthused.
The project take-off was witnessed by top management of PEF, national executive of the Nigerian Road Transport Association (NARTO), representatives of the Depot and Petroleum Products Marketers Association (DAPMMA) and Independent Petroleum Marketers Association of Nigeria (IPMAN).
Conoil has always invested heavily on the expansion of its retail network across the country which ranks it among the fastest-growing in the nation’s downstream oil industry.

The company’s expansion initiative also saw it build a massive depot in Port Harcourt, Rivers State which complements its flagship depot in Apapa, Lagos. Located near the free port zone of Onne, the ultramodern facility has been providing easy access to fuel imports thereby easing the pressure on available jetties and other port infrastructures in Lagos.
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