ETERNA OIL STRENGTHENS RELATIONSHIP WITH CASTROL

High powered racing cars using the Castrol product range

ETERNA OIL and Gas Plc. is moving to boost its operations in the downstream sector of Nigeria's oil industry as officials of Castrol UK, the world's leading lubricants firm, have visited Nigeria to strengthen the bond between the two companies. Eterna is the sole licensee of Castrol's products in Nigeria, and Castrol's visit is to strengthen Eterna Oil's position in the surface production and drilling fluids, power generation, and subsea lubricants supply businesses.

Both companies will also discuss strategies to tap into new business in the Gulf of Guinea for which they had already entered into an agreement.

The visit was also in line with Eterna Oil's expansion plans, and would ensure that the company remain relevant within the oil and gas marketing sector.

A total of 150 million shares are being offered to existing shareholders at N9.95 per share to raise about N1.4bn from the market.

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