By Chioma Obinagwam
One of the leading brands in the downstream energy sector, Ardova PLC (AP), has revealed its intentions to invest in renewable energy sources as part of its commitment towards environmental sustainability.
The company told Confiance News during a press briefing held in commemoration of its 60th anniversary on Thursday.
Responding to questions from journalists, the Managing Director, Moshood Olajide said: “We will focus on sustainability. We know that we are part of the problem, we will be part of the solution. The transition fuel will be gas; we will focus on gas, LPG is the future. We will invest in renewables.”
“We believe in Nigeria there’s going to be a just transition to cleaner energy. Gas is a cleaner source of energy,” he continued.
He further disclosed that its $500 million state-of-the-art terminal in Lagos, which is the largest in West Africa, can store 30 kilotons of Liquefied Petroleum Gas (LPG), which meets 60 percent of Nigeria’s domestic demand.
According to Olajide, “Life begins at 60.”
Olajide also reinstated AP”s commitment to delivering mouth-watery returns to its shareholders.
“We will maintain our focus on delivering competitive returns for our shareholders and stakeholders,” he assured.
On investments in a refinery, the MD stated that the company will not be in that segment of business in the now but may consider it in a later time.
He, however, clarified that the Dangote refinery is not adverse to their business but is a part of their value chain in their retail business.
“We don’t see Dangote refinery as a disruption to our business, rather we see it as a way to aid our business through energy security,” he added.
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