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Beracha lubricants boost operations with US$50M
BERACHA lubrications limited, a wholly owned indigenous oil trading and
logistics company, with operations in the oil and maritime sectors has
commenced plans to boost its operations with about 50 million US dollars
within the next six months.
The company which has been in operation since 1988 has shifted its corporate
focus on a number of occasions and is set to still do so as plans are on the
way for another corporate re-branding to showcase the growth and
diversification recorded so far by the company in recent times.
In a chat with Energy correspondents at the company’s corporate Headquarters
in Lagos recently, the Managing Director of the Prince Sola Oluwadare stated
that the company is now set to play in the entire spectrum of the downstream
marketing business, and as such it has gotten approvals for financial
backing from some of the leading Nigerian Banks.
According to him the company which currently operates a 10,000 ton capacity
tank farm in Apapa area of Lagos is set to delve into crude oil refining as plans are already on the drawing board for the construction of a mini
refinery and as well as the construction of ultra-modern petrol stations to
be situated in major cities across the country.
“It is our intention to compete effectively with other players in the
downstream sector, and by that we need to put our acts in order so that we
would not just compete, but compete effectively. This is expected to go a
long way to boost the federal government’s local content policy as well as
encourage would-be investors to invest adequately so they could compete
vigorously and positively in a sector earlier dominated by multinationals.”
He further stated that the company is not just as the name sounds, as it is
into diverse areas of the economy.
“Our diverse and highly skilled workforce delivers high quality services to
our numerous customers locally and globally. We differentiate ourselves in
the oil and gas and maritime industry by providing outstanding service,
innovation, and industry thought leadership.”
“Today we have evolved in to a multi-billion naira business entity importing
and exporting large volumes of petroleum products to meet both local and
international need. We have also optimized the oil and gas supply chain by
acquiring vessels to convey its petroleum products as well as for charter to
our numerous customers. The company is now set to acquire a fleet of trucks
and several filling stations at strategic locations in Nigeria. This is
expected to facilitate the transportation and distribution of petroleum
products on land.”
Oluwadare noted that the company is investing to the tune of 18.5 million
dollars on vessels and tankers by the end of the year and that the Nigerian
Maritime Administration and Safety Agency (NIMASA) is set to bankroll the
project as part of its intention to help willing and thriving Nigerian
companies operating in the Maritime sector.
“Through our fleet of vessels and our network of international partners, we
provide the following maritime services, marine transportation of petroleum
products, freshwater and equipments, hiring and chartering of vessels, ship
management and support services, provision of tugboats and various types of
barges as well as shipping agency services. This is our core area of
specialty in the maritime sector and we are also providing equal services in
oil sector thereby making Beracha a diversified company.
