MRS Oil Nigeria Plc, formerly known as Texaco Nigeria, is a vertically integrated player in Nigeria’s downstream oil sector. Renowned for marketing and blending petroleum products, the company operates multiple business divisions, including retail fuel, aviation fuel services, lubricants, and LPG.
The company started marketing petroleum products in 1913 under the Texaco brand name. In 1969, Texaco Nigeria Limited was incorporated as a wholly-owned subsidiary of Texaco Africa Limited, inheriting the business formerly carried out in Nigeria by Texaco Africa Limited.
The company sold a significant stake in the company following the Nigerian Indigenisation decree in 1978.
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 ChevronTexaco considered the acquisition of the former UNOCAL, the board of ChevronTexaco decided to drop ‘Texaco’ and retain only Chevron as the new name of the enlarged corporation.
In September 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 in 2009, in efforts to continue to grow and expand its business, MRS concluded a high-profile acquisition of Chevron Downstream assets in Nigeria, flagging the Texaco brand. MRS boasts an extensive retail network with over 400 fuel outlets nationwide, optimized for fast and efficient consumer service through automated fulfillment systems.
The Nigerian Stock Exchange suspended trading in the shares of MRS Oil, following the company’s decision to voluntarily delist from the NGX and list on NASD OTC Securities Exchange.
Its main depot in Apapa supports storage and distribution with a capacity of 40 million liters, equipped for 24/7 operations via automated loading arms, a backbone for distributing supplies across its retail network.
The company’s revenue surge was largely influenced by consumer preference for PMS from Dangote Refinery as a result of its pricing.
