Aiteo
 |
|
| Limited liability company | |
| Industry | Oil and gas |
| Predecessor | Sigmund Communecci (1999) |
| Founded | February 2008 |
| Headquarters |
Lagos, Port Harcourt (Headquarters) |
|
Key people
|
Benedict Peters (Founder/ Executive Vice Chairman) |
| Products | Oil and Gas, Power Generation |
| Website | www |
Aiteo Group is an integrated, global-focused Nigerian energy conglomerate founded in February 2008. The company is the successor entity to Sigmund Communnecci Limited. The company has significant business interests in oil and gas exploration and production; bulk petroleum storage; refining of petroleum products; trading, marketing and supply as well as power generation and distribution. Its subsidiaries are Aiteo Eastern Exploration and Production Company Limited (AEEPCo) and Aiteo Power. The Group is owned by Benedict Peters. Its business activities are conducted from several Nigerian locations, including international financial capitals; United States, United Kingdom, Switzerland and Brussels.
Founded in 1999, Sigmund Communecci was a petroleum products supply and trading company. It owned and operated a petroleum storage terminal in Abonemma Wharf. To fully explore growing business opportunities in the petroleum upstream sector in Nigeria, In February 2008, Sigmund Communecci was restructured, re-positioned and re-branded to ensure it sustainably builds the capacity to diversify globally, attract and nurture top talent, leveraging on strategic alliances and technology.
Downstream Operations:
Aiteo owns and operates petroleum storage facilities in Lagos and Port Harcourt., including the Abonnema Storage Terminal (“Port Harcourt Tank Farm”), with total capacity of over 110 Million Liters. It constructed a jetty to accommodate growing vessel traffic to the Port Harcourt Terminal, which accommodates up to 30,000 metric tons dead weight. in the first quarter of 2011,Aiteo was one of the 32 companies issued permits to import petrol, under the Refined Products Exchange Agreement. Aiteo Group was among the Nigerian companies awarded oil lifting contracts, in the Federal Government's bid, through the Nigerian National Petroleum Corporation, to award nearly half of 2012/2013 oil lifting contracts worth $40 billion to indigenous companies and in the process, promoting local content on one hand and "downsizing contracts awarded to international oil traders. In its own right and also at the request of Duke Oil, the company entered into a Management and Operation Agreement with Duke Oil ”to operate and manage its Crude and Product Exchange Agreement" with NNPC and Pipelines Product Marketing Company (PPMC)[1] from February 2011; an operation which lasted until December 2014. These were landmark transactions in the Nigerian Oil sector.
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