Obat signs mega oil deal with VAE
Obat Oil and Petroleum Ltd. have just entered into a long-term agreement with Vital Allied Energy Supply & Services Ltd, (VAE) to supply 100,000mt of refined product quarterly, with a delivery of 30,000mtmonthly. The first tranche of AGO cargo, arrived at Obat terminal in Apapa, within the week and loading activities commenced immediately, upon the discharge of the product into tanks. In view of the high demand for the use of the product in the market, plans are already in progress by VAE, to further increase the monthly volume to meet up with the market demand. The agreement between the two companies is to further strengthen the market supply of AGO and other petroleum products. However, in order to actualize the supply chain mechanism, Obat Oil, in conjunction with its arm of NUPENG and Petroleum Tanker Drivers, (PTD), entered into a Memorandum of Understanding, MOU, withVAE, to ensure the smooth delivery of the products across the country.OBAT Oil & Petroleum Ltd. is a major marketer in the oil and gas business in Nigeria and other selected countries, with a growing list of offices, including those in Europe and America. Its resources and strengths have established it as a major provider in the global energy market, while further enhancing its status as a global player in oil trading and related and allied businesses. The management team is headed by the scion of its founder, Prince ‘Femi Akinruntan, the Managing Director and Chief Executive Officer, who has, since mounting the saddle of the MD/CEO, has been taking the company to greater heights, without cutting corners, especially in the volatile business of independent marketing of oil and gas products. This new venture is one of the lofty heights the crown prince and his team has been striving to inch to in the industry.