Business
Oando Plans Expansion, Cost Reduction
One of Nigeria’s energy companies, Oando Plc, has pledged to increase its investment in the sub-sector to reduce high cost of operations.
The Chief Executive Officer, Oando, Mr. Wale Tinubu, said that the investments would focus primarily on infrastructure to meet commitments to shareholders and the energy needs of Nigeria.
He told newsmen after the company’s annual general meeting in Lagos that the investment would be in the medium and long-term.
“We will put substantial investments in building infrastructure to reduce the cost of imports, because as we know, the ports in Nigeria are shallow ports, you always have to bring in a ship to transfer the oil into lighter vessels and bring them into the ports, thus increasing your cost,” Tinubu said.
He said that the company’s priority in the downstream sector of the petroleum industry was to increase distribution of products and expand volume of Oando’s daily transactions.
“Our priority in the downstream is to actually intensify our distribution, expand into high margin volumes and in trading; what we want to do is to simply increase the amount of volume we bring into the country such that we can actually do it at a cheaper pricing by venture of the volume, which we have,” he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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