Rainoil an indigenous downstream oil and gas company, has expanded its operations with the complete acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company.
The move is consistent with the company’s focus on “strategic and value-driven investments” in the energy sector of the Nigerian economy.
The company had earlier in the year expanded its retail network into 22 states in the country and has continued to invest more in cutting-edge technology to maintain and improve excellent customer service delivery.
A statement from Rainoil said it completed the acquisition of majority shares of Eterna Plc through its investment arm – Preline Limited.
“On the 21st of December 2020, Eterna Plc issued a public statement notifying shareholders, The Nigerian Exchange Limited and the general public of negotiations by substantial shareholders to sell equity holdings in the company. On the 25th of August 2021, Eterna Plc announced the execution of a Sale and Purchase Agreement (SPA) enabling Preline Limited to acquire 794,969,774 shares,” the company explained.
Commenting on the transaction, the Group Managing Director, Dr. Gabriel Ogbechie said: “The acquisition is in alignment with our targeted expansion strategy across the oil and gas value chain, and will position the company for sustainable growth and superior value creation for all our stakeholders. It also underlines our commitment to Nigeria at this critical evolution point of the Energy Sector.
We also expect that this will reinvigorate the fortunes of Eterna Plc and optimise the company for improved performance.”
Over the past 24 years, Rainoil Limited has increased its asset base to include: Three ultra-modern petroleum product storage depots in Delta, Cross River and Lagos States, an 8,000 metric tonne LPG storage facility in Lagos State and over 100 retail outlets spread across the country.
This is in addition to a fleet of over 140 petroleum product tank trucks for delivery of products to its network of stations and customers across the country.