MRS OIL NIGERIA PLC Company Profile

MRS OIL NIGERIA PLC

MRS Oil PLC started marketing petroleum products in Nigeria in 1913 under the Texaco brand name. This was then distributed exclusively by CFAO, a French multinational retail Company. In 1964 Texaco Africa limited started direct marketing of Texaco products selling through service stations and Kiosks acquired from the said multinational retail Company on lease terms. It also entered the aviation and bunkering business.

On August 12, 1969, Texaco Nigeria Limited was incorporated as a wholly owned subsidiary of Texaco Africa Limited, thus inheriting the business formerly carried out in Nigeria by Texaco Africa Limited. With the promulgation of the Nigeria Indigenization decree in 1978, 40% of Texaco Nigeria Limited were sold to Nigerian individuals and organizations by Texas Petroleum Company.

In 1990,the Companies and Allied Matters Decree came into force and this necessitated the dropping of ‘Limited’ from the Company’s corporate name to the prescribed ‘Public Limited Liability Company’ (PLC) with its shares quoted on the Nigerian Stock Exchange.

Following the creation of Chevron Texaco in 2001 from the merger between Chevron Corporation and former Texaco Inc. Texaco Nigeria Plc became an integral part of the new corporation. As Chevron
Texaco considered the acquisition of former UNOCAL, the board of ChevronTexaco decided to drop ‘Texaco’ and retain only Chevron as the new name of the enlarged corporation.

Effective September 1, 2006 the Company’s name changed from Texaco Nigeria Plc to Chevron Oil Nigeria Plc following a directive from the Chevron Corporation’s headquarters to all affiliate companies designed to present a clear, strong and unified presence of Chevron Corporation throughout the world.

Early 2009, efforts to continue to grow and expand their business, MRS concluded a high profile acquisition of Chevron Downstream assets in Nigeria flagging the Texaco brand. With this excellent acquisition, a very strong brand foundation with over 50 years presence in the Nigeria market was inherited with a human capital of over 200 dedicated, experienced and well trained employees who are committed to the future growth of MRS Oil Nigeria Plc.

BOARD OF DIRECTORS
Mr Patrice Alberti - Chairman    
Mr Marco Storari – Managing Director    
Ms. Amiro Maina – non-executive director    
Mr. Matthew Akinlade – independent director    
Sir Sunday N. Nwosu – non-executive director    
Sir Amobi Nwokafor – non-executive director    
Mrs Priscilla Ogwemoh – non-executive director