Prudent Energy and Services Limited, an indigenous operator in the downstream oil sector, has completed the construction of a 6,000-metric tonne liquefied petroleum gas plant in Delta State.
Federal Government efforts at deepening utilisation of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas has further been boosted as the N10.8 billion ($30 million) Prudent Energy 6000 metric tons facility located at the edge of River Ethiop in Oghara Delta State is set to go into full operations soon.
The facility which is currently being test run is strategically located to service the south –South, South -East and some part s of the northern markets. It is also expected to impacts the price of LPG generally in the country as the market would now become competitive.
LPG penetration is about 25 percent in a country with a growing population estimated at almost 200million people. The implication is that there is still huge opportunity to grow LPG consumption.
Commenting on this development, Abdulwasiu Sowami, managing director of Prudent Energy who is also the owner of Forte Oil plc told BusinessDay that there is a humongous opportunity for LPG business in the country with statistics indicating that the population is growing every day.
He said for the past four years the government has been trying to spare head utilisation of LPG through the office of the vice president.