28 August 2014, Sweetcrude, Lagos – Group Managing Director, Forte Oil Plc, Mr. Akin Akinfemiwa, says the company is committed to fully achieving the 414 mega watts installed capacity of its recently acquired Geregu Power Station.
Akinfemiwa, who revealed plans by the company to invest $90 million (N14.4 billion) in overhauling the plant, said the planned investment was part of the effort at attaining the targetted capacity.
Contract for the plant’s upgrade has been awarded, he said, as he hinted of another plan by his company to diversify its operations to oil and gas exploration and production.
According to him, the move to diversify into the upstream segment of the oil and gas sector would be accomplished through profitable acquisition of upstream assets. This, he said, would involve exploring strategic alliance with partners so as to share the investment risk.
“We have an aggressive expansion plan and we will acquire stations where we have the market, specifically within regions of 3 kilometres and in densely populated areas,’ the group managing director further revealed as he addressed the Nigerian Stock Exchange in Lagos.
He added: “The expansion plan is a continuous exercise; it has no definitive timeline. It is something we will keep doing; we will capture the opportunity as they come and we will continue to do that.”
“We will acquire and lease retail outlets because we believe that we can make money through that. We want to make Forte Oil a one-stop-shop for all our customers’ needs. Therefore, any space we in our retail outlets will be fully utilised”.