Forte oil sets to boost Electricity power generation at Geregu; invest $90m for overhaul

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Forte oil plc Power plant

From Benjamin A Ameh, Lagos

Management of the forte oil plc in line with its diversification strategy incorporated Amperion Power Distribution Company Limited with the state grid corporation of China as technical partners which successfully purchased the 414 Mega Watts (MW) power plants at Geregu in Kogi State under the recent federal government-led privatization programme in the power sector.

Speaking during the facts behind the figures on the floor of the Nigeria Stock Exchange NSE yesterday, the Group Chief Executive Officer of the company, Akin Akinfemiwa, said the Forte oil plc is poised to carve a niche in the power generation sub-sector by using this as leverage for future opportunities as part of its commitment to bridge the current power deficit in Nigeria which involved strategic initiatives of the major overhaul of the GPP through awarded contract for circa $90m.

The presentation of company’s Facts behind the Figures witness a new dimension of where the shareholders is placed above the board of the directors in their organizational chart which means the board of directors will be reporting to shareholders on operational matters going forward. 

 Akinfemiwa who reminded the stakeholders of the forte oil plc journey so far into power sector said plant was commissioned in 2007 with three Siemens V94.2 open cycle gas turbine power generation Units totaling 414MW of installed capacity. Three operational units namely GT11, GT12, and GT13 have a rated capacity of 138MW each which directly linked to gas supplied from 24-inch wide old and 36-inch wide pipelines respectively also 136KM long new pipeline from the Natural Gas Treatment plant. These supplied are capable to satisfy the gas requirements of the three units running on a full load of 414MW.

The Group Chief Executive further disclosed that “Forte oil plc is Nigeria’s foremost energy group with interest in downstream petroleum operations, power generation and upstream petroleum services with extended operations in Ghana.   

“The company aims to become the foremost integrated energy solutions provider in Nigeria, built on the pillars of solids corporate governance, sound business ethics and compliance, enhanced Safety, Health and Environment practices; driven by technology, world-class business process and highly skilled and motivated workforces” he added.       

“It exists to build a long term successful company and making forte oil plc the investment of choice through positive actions that boost investor confidence at all times.

“Forte oil plc operates over 500 retail outlets in the downstream sector of Nigeria’s oil and Gas industry, offering a wide range of petroleum products: Premium Motor Spirits (PMS), Diesel, Aviation, Fuel, Kerosene, as well as a range of quality lubricants for various automobiles and machines. Its petroleum and lubricants products are distributed mainly to the automobile, industrial, aviation, and marine markets, whilst the company is in alliance with leading brands to provide unparalleled shopping experience of its retail outlets to its various customers.

“In line with its vision of becoming Nigeria’s leading integrated energy group, forte oil plc diversified its downstream operations into related energy business that include a subsidiary which specializes in the supply of well production chemicals and drilling with completion fluids to the upstream petroleum sectors.

Akinfemiwa said the company with mission statement of “Building a long-term successful company and making forte oil plc the investment of choice through positive actions that boosts investor confidence at all times” with its transformation milestones including the present strong financial performance which is resulted to its share price hitting 151.86 percent higher as at August 18, 2014 cannot over looked by investor.

“Through our focused commitment to remain open, responsive, continually engaging our customers and maximizing our resources, we are confident that our company will attain its vision of being the foremost integrated solutions providers in Nigeria.”


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