AUSTIN OYIBODE
The Asaba branch of the University of Benin Alumni Association has given award to the Managing Director and Chief Executive Officer of Rain Oil Limited, Engr. Gabriel Ogbechie.
The award was given in recognition of his human capital development, wealth and job creation for the population of Nigerian youths across the country.
Engr. Ogbechie, through his Rain Oil, has employed youths all over the nation. By so doing he has created wealth for those youths and pulled them out of the pool of unemployment.
The award was given during the 2020 annual lecture, awards and fundraising for the association’s secretariat in Asaba, the Delta state capital.
Ogbechie, a University of Benin graduate of production engineering, founded Rain Oil in 1997 which he has guided from the very beginning to a company with operations across the downstream value chain.
With a staff strength of over 900, Rain Oil remains a wholly indigenous recognised player in the downstream sector. Having operated for 23 years, Rain Oil possesses assets comprising three ultra-modern petroleum product storage depots in three major cities in Nigeria.
Rain Oil has over 80 retail outlets spread across the country and a fleet of over 130 tank trucks for efficient delivery of products to network of stations and customers across the country.
Flowing from his achievements in the oil sector and the jobs so far created for Nigerians, the alumni association deemed it for to give him the award.
In response to the award, Dr. Ogbechie appreciated the alumni association for finding him for for the award, saying he felt greatly indebted to the University of Benin.
Answering questions from journalists on modular refineries as an oil magnate, he said modular refineries have challenges, adding: “it is difficult to go into modular refineries if you don’t have the crude oil yourself. If you have the crude oil and you are refining it that is good but if you buy the crude oil before refining it, it is difficult.”
He said modular refineries destroy value chain, noting “if you take 50 dollar barrel of crude oil and you refine it, you get diesel without get petrol, the value of the product you get will be less than the 50 dollars.
“If you to modular refineries, there is a bit of value destruction. If you own the oil well, you can get away with it. If you are not the owner and you have to pay before taking into your refinery you will struggle. This is what people need to understand.
“Modular refineries do not get petrol. Once you do not get petrol, you are really not efficient, you are destroying value rather than creating value,” Ogbechie said.
