December 16, 2017

AITEO – Investing in Nigeria’s Future

AITEO

Lagos-based international energy company AITEO has big plans for the future. It currently operates extensive depot and storage facilities in Port Harcourt and Lagos, and has 40,000 square metres of land in Kano for the development of an integrated energy solutions centre. The company is a keen supporter of the government’s local content initiative and is committed to the development of sustainable solutions to meet Nigeria’s growing energy needs.

 

Exploration and production

Partnering with global E&P companies, AITEO’s focus in this area is on the development, operation and management of upstream oil and gas assets in Nigeria and the Gulf of Guinea, leveraging present opportunities in Nigeria to maximise asset value. The company aims to benefit its shareholders by investing in development and production in Nigeria, both on land and offshore.

Through its subsidiary Sigmund Engineering, AITEO provides a full range of oilfield services in the Niger Delta region.

 

Storage, trading and retail

Strategically located on-shore petroleum storage terminals in Lagos and Port Harcourt form the nucleus of AITEO’s bulk petroleum storage and retail distribution network.

The Port Harcourt petroleum storage terminal has a capacity of over 110 million litres, with demand driving an upgrade to accommodate a further 130 million litres. The state-of-the art storage terminal in Apapa, Lagos is the largest privately-owned storage facilities in Sub-Saharan Africa. Storage capacity is approximately 210 million litres, serving 600 trucks each day. To optimise access by sea, a new jetty has been constructed accommodating vessels of up to 30,000 metric tons.

AITEO is a leading supplier of petroleum products to Nigeria and between 2009 and 2011 imported nearly 4 million metric tons of refined petroleum products.

AITEO owns and operates several petrol stations strategically located in eastern and northern Nigeria, and aims to expand its network. It also supplies independent filling stations.

 

Power generation and electricity distribution

AITEO’s power generation group is working to harness Nigeria’s vast natural gas resources and generate energy from Nigeria’s indigenous and renewable resources, with a particular focus on hydroelectric power.

Its gas subsidiary is participating in gas gathering and processing facilities, LPG production, storage and distribution, pipeline infrastructural network development and NGL (natural gas liquids) processing, transportation and logistics (including compressed natural gas solutions). AITEO Gas is continuing to discuss joint development of opportunities with international partners.

 

Planning for the future

AITEO has acquired a 17,000-square metre property in Port Harcourt for the construction of a world-class fabrication facility. Current upgrades to the Port Harcourt site will create the largest and most technically-advanced storage facility outside Lagos.

AITEO plans to acquire a number of smaller (5,000- and 10,000-metric ton) vessels for cargo shuttle purposes, thereby improving the efficiency of its downstream operation.

AITEO’s electricity distribution division is participating in the current privatisation of Nigeria’s electricity industry. It has been shortlisted by the government to bid for several electricity distribution regions in Nigeria, together with international technical partners including ETA Power Projects of the UAE and Aydem Elektrik of Turkey. The division is in the process of identifying a suitable location in eastern Nigeria for the construction of a 250-MW independent gas-fired power plant to supply the national grid by 2016.

AITEO aims to address the long-term problem of petroleum imports by developing a 100,000-barrel per day (bpd) greenfield refinery. The project is at conceptualisation stage, and the company hopes to fast-track development and construction with a view to operation by 2017.

 

AITEO and the government

AITEO works closely with the Ministry of Petroleum Resources and other agencies of the Nigerian federal government. The company believes that, once enacted, the Petroleum Industry Bill (PIB) currently going through the National Assembly will deliver:

  • Enhanced opportunities for exploration and exploitation of petroleum resources in Nigeria with corresponding benefits to the Nigerian people
  • An improved business environment for petroleum operations
  • Efficient and effective regulation with greater deregulation of the downstream sector
  • Transparency, simplicity and openness
  • Improved health, safety and environmental protection
  • Optimised domestic gas supplies, in particular for power generation

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