Save Austin Fair Yudala banner
Forte Oil in talks over refinery deal

By Oludare Mayowa on 05/08/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 840

•Forte Oil CEO Akin Akinfemiwa
•Forte Oil CEO Akin Akinfemiwa

Nigeria’s Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter, its chief executive said.

Nigeria has been pushing to refurbish its decrepit refineries, as the country is still mainly dependent on exporting crude oil for imports of refined products.

It has also been seeking new investments to reduce reliance on imported oil products that consume a large portion of the OPEC member’s scarce foreign currency reserves, especially with oil prices low.

CEO Akin Akinfemiwa said Forte Oil, majority owned by billionaire Femi Otedola, was exploring partnerships and joint ventures for local refining of petroleum products.

Nigeria's oil minister has said its existing, ageing refineries have a daily domestic refining capacity of 6 million litres, while the daily consumption stands at 35 million.

“We are aggressively pursuing M&A opportunities along the energy value chain,” Akinfemiwa told investors in Lagos.

He said the company, with interests in fuel distribution and power, would diversify into the upstream sector through acquisition of marginal oilfields.

Shares in Forte rose 4.99 percent on Friday to 60.37 naira, giving it a market value of 78.6 billion naira ($216 million). Its shares have fallen 32 percent this year, adding to a 74 percent fall last year.

Nigeria's presidency said on Thursday it will legalise currently outlawed mini-refineries in its Niger-Delta oil hub by the end of the year and supply them with crude at reasonable price, a move which could boost local refining.

In May, rival energy group Oando Plc said it was in talks to work with Italian energy company Eni to rehabilitate the Port Harcourt refinery, one of the West African nation's four refineries.

Africa’s richest man Aliko Dangote is building an $17 billion oil refinery with a capacity of around 650,000 barrels a day, planned to start operation by 2019.

Forte Oil this week reported an 11.3 percent rise in half-year pretax profit to 4.74 billion naira. (Reuters)

 

Source News Express

Posted 05/08/2017 1:01:42 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Catholic Church uproots Father Mbaka from Enugu •This...

Boko Haram kills 2 in attack on hometown...

Air Force attacks Boko Haram location in northern...

The Supreme Court VS the Nigerian people, By...

WHO, UNICEF, others hail Ugwuanyi on healthcare delivery...

Femi Fani-Kayode’s hallucinatory obsessions and the burden of...

SSANU calls on Buhari to intervene on staff...

Islamic-compliant airline takes off

NIPOST plans to offer banking services

Cause of plane crash not yet determined -...

Biafra sit-at-home protest disrupts business activities in Bayelsa...

World Cup Qualifier: NFF scatters Keshi’s Super Eagles...

 

Latest News Nigerian professionals unfold plans to create one million jobs Investigation: How Chinese firm is degrading Abia community, officials sexually exploiting female workers Probe reveals N30b oil revenue ‘hidden’ by NNPC Bankers Committee to create 100,000 jobs by first quarter of 2018 Rate of poverty in Alabama (USA) shocking — UN official Ekweremadu, PDP behind Nigeria’s debt profile — VON DG Ijaw, monarch, Edo at war over Okomu land ownership Osun Govt. seeks vacation of court order stopping federal allocation to LGs Oil prices drop on increased US drilling activity Sponsors, investors queue up for One Lagos Fiesta PDP’s umbrella without the South-West will suffer punctures 500 NYSC members get loans to set up businesses

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,596 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,258 views) Shameless Genevieve Nnaji exposes breasts in public (230,193 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,138 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,270 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (169,888 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,058 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,305 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,458 views) Lagos plane crash: Journalist releases victims’ names (118,942 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,406 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (111,891 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,813) Business Verdict (27) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (193) Entertainment (419) Features (522) Global Business Monitor (192) International (1,685) Interviews (138) Live Commentary (28) Love Matters (92) News (30,928) Opinion (844) Pidgin (9) Politics (4,206) Religion (653) Sports (1,379) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!