Profitable Crude Oil Business You Can Do In Nigeria
Crude oil business is another lucrative form of business that has made millionaires and billionaires out of many on a monthly or yearly basis. It is however a strictly regulated business. But however hard or regulated it may be to operate, this guide will help you find where and how you too can be a beneficiary.
crude oil business categorically falls under Premium Motor Spirits PMS (fuel) or petrol and Automated Gas Oil or diesel.
The market for crude oil business is large. Cars need petrol to drive and generating sets need diesel to run, the is epileptic power supply in the country is another added advantage. Industries need electric power supply to function effectively.
Bitumen, a byproduct of crude oil distillation is also required for the construction of roads and structures. There is hardly any aspect of crude oil business that is useless. The market is large, multifarious and highly lucrative.
Below is well researched list of profitable crude oil businesses you can do.
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1) Crude Oil Extraction:
You can laise with the government to explore and extract crude Oil given that you have the required facilities and licensing. This, however, requires large capital base, connections, a high-level technical manpower, experience as well as expertise. It is, however, one of the most productive crude oil business you can do.
2) Renting Of Equipment:
Here, you can lease out petroleum equipment renting and equally make huge profits from crude oil equipment and tools rental services.
3)Oil Refinery/Petroleum Processing:
There are huge potentials for earning millions of naira if you can set up a crude oil refinery or crude oil refining company. This is where crude oil is processed or distilled. You can acquire the crude oil and distil by yourself into finished products. oil companies could also use your facility to refine their crude oil. Either way, you stand to gain both long term and short term.
This, however, requires registration and licensing by the government.
With proper logistic and finance, it is possible to have ROI within a period of five years.
4)Petrol Hauling and Organization:
Petroleum products hauling entails the transportation of petroleum products such as fuel, gas, and/or lubricant from one location to another. You may call it petroleum or diesel hawking. The products most times are sourced directly from the oil refineries and then supplied to petroleum sub-stations in exchange for cash.
Its productivity is akin to the multifariousness of consumer demand. While some need PMS, others need Kerosene, Diesel or Lubricants. Also, petroleum products hardly expire. So, even with the fall in price falls today they are always in high demand. In periods of scarcity, the price trips off and are sold at quite exorbitant rates. A good understanding of the market environment and regulation is akin to success in this business.
5)Setting up a Gas Station:
you can equally profit from crude oil business if you setup a filling station of your own. Here, you can offer petrol, diesel, kerosene, gas as well as lubricants for sale. Aside from patronage by direct consumers, you are likely to get patronage from hawkers and retailers. This also helps boost your sales.
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6)Petroleum products Household Peddling:
You must have been noticing big brown or red tanks on the roadside. some come handy with pumps, while others have traditional measuring cans. This is called kerosene peddling or petrol peddling, depending on the products on offer.
You can buy kerosene or petrol in wholesale retail these for home use. Another instance is sales of lubricants and engine oil. Many have paid their house rents, established themselves, and made it big from sales of this product. With a good research, you can carve out a niche for yourself in this business.
7) Petroleum Consultancy services:
With a proper training and certification in this field, you can sell your experiences and make good money offering consultancy services to individual clients and companies. You can equally setup petroleum consultancy services where interested people can make enquiries, and get directions on how to venture into crude oil business. This would be for a fee. With your expert skills, you can assist potential and present crude oil investors succeed, and they will pay you handsomely for it.
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