Conoil to boost lube production in Apapa plant to 50 million liters

Conoil PLC has announced plans to invest NGN1.5 billion (US$9.5 million) over a four-year period in its growing lubricant business.
With a 20% share of the Nigerian lube market, and revenues of NGN8 billion (US$50.6 million) from lubricant sales last year, Conoil currently produces 20 million liters of lubricants per year.
The company projects revenues to grow to NGN13billion (US$82.2 million) in 2012 and to NGN33billion (US$208.6 million) by 2015.
Conoil will add four additional filling lines at its plant in Apapa, a major port in the city of Lagos, to increase its annual production capacity to 50 million liters. The Apapa plant supply the lube requirements of southwest Nigeria.
It also plans to boost annual production volumes to 25 million liters each at its Port Harcourt and Kano plants, which supplies the needs of the southeast and the northern regions of Nigeria, respectively.
According to statistics from the Department of Petroleum Resources (DPR), the lubricant market is projected to grow by 25% over the next three years.