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20th November 2007

Oando To Partner With Lagos State On Energy Projects

Oando Plc, the integrated energy solutions provider has announced plans to partner with the Lagos State Government on various short to medium term projects that will be implemented in the State over the next four years at an estimate cost of over $2.5 Billion (Two and a half billion US Dollars)

Speaking during a presentation to the Executive Governor of Lagos, His Excellency, Babatunde Fashola, SAN, and his team on Monday 12th November 2007, the Group Chief Executive, Oando Plc, Mr. Wale Tinubu, states; “Gaslink, a subsidiary of Oando Plc, has constructed a 67KM pipeline grid which has connected all the major industrial estates and the Apapa Port in Lagos State to the Gas grid, and is currently implementing a 33 km pipeline expansion project at a cost of N3.4 billion which will further increase gas utilization by 300% in the state, whilst achieving connections for over 30 industries and the Tincan Island Port.

Lagos State parastatals such as Lagos Metropolitan Transport Agency (LAMATA) and the Lagos Bus Service (LAGBUS) will also benefit from the company’s planned environment friendly Compressed Natural Gas (CNG) vehicular fuel solutions thus leading to a reduction in their operating cost by almost 60%. A saving of N2 billion Naira (Two billion Naira) per annum on 1000 buses is guaranteed as a result of a shift from diesel to gas. Other commercial vehicle fleet owners in Lagos are expected to benefit from this development as well.

Commenting further, Mr. Tinubu added “Oando Gas and Power is also working with the Lagos State Water Corporation (LSWC) to develop an Independent Power Plant that will ensure continuous water supply to the residents of Lagos State who are connected to the State’s Water Corporation.The Lagos State Water Corporation has enough processing capacity at the Adiyan and Iju Water Works but Lagosians do not fully benefit as a result of the lack of adequate and consistent power to push the volumes through the State’s water pipeline grid.”

The Group Chief Executive also intimated the Governor Fashola that Oando is currently pursing three major projects in the Lekki Free Trade Zone, which are:

According to Mr. Tinubu, apart from the “positive environmental impact, the various projects will ensure increased revenue for the state as well as broadening of the tax base. Other benefits include curbing unemployment by the provision of new jobs in the state. The projects will further reinforce Oando’s position as Nigeria’s leading integrated energy solutions provider.

Reacting to the presentation, the Executive Governor of Lagos State, His Excellency, Babatunde Fashola, SAN comments, “We are glad that Oando has expressed interest to partner with us on our drive to transform Lagos into a Mega City. These well-articulated infrastructural investments propositions will indeed help in transforming the lives of the great people of Lagos state. To this end, we have set in motion a committee to review these proposals for consideration”.

For more information please contact:

Tokunboh Durosaro
Head, Corporate Communications
Oando Plc
2 Ajose Adeogun Street
Victorial Island, Lagos
Phone: 01 2625857
Email: tdurosaro@oandoplc.com
www.oandoplc.com