During the company’s rebranding and 30th anniversary, Aradel Holdings’ managing director and chief executive officer, Adegbite Falade, declared that the business would start to refine premium motor spirit within a year.
According to Falade, the company’s decision is consistent with its dedication to the diversification of the Nigerian economy and the creation of indigenous content.
Refinery with much higher capacity coming
Falade pointed out that the development involved bringing domestically produced hydrocarbons and encouraging import substitution to lessen the impact on the nation’s foreign exchange (FX) earnings, according to The Guardian report.
He said Nigerians should be prepared for a refinery that will have a much higher capacity.
The Aradel boss emphasised that the business was motivated by a firm commitment to provide sustainable energy solutions that fuel economic growth while protecting the environment with a heritage of experience and a mindset focused on the future.
Falade also mentioned that the company produces 4.6 megawatts (MWs) of electricity to power its plant, and the short-term goal is to increase the capacity to around 50MW within five years.
From NDEP to Aradel Holdings
To reflect its long-term strategy of becoming Africa’s leading organisation in delivering sustainable energy solutions that support economic growth, the company, formerly known as Niger Delta Exploration and Production Plc (NDEP), changed its name to Aradel Holdings on its 30th anniversary.
Ladi Jadesimi, chairman of Aradel Holdings, said NDEP has been a prominent player in the business for decades and has a long-term perspective on energy provision, the global energy transition, and it looks for possibilities to develop technology that harnesses the many sources in Nigeria as well as other sub-Saharan nations.