Forte to form refining partnership

ABUJA, August 7, 2017 – Forte Oil is discussing a strategic partnership with the Warri Refinery to produce a greater volume of petroleum products locally, the company’s CEO said Friday.

“We are aggressively pursuing M&A opportunities along the energy value chain,” CEO Akin Akinfemiwa told investors and stockbrokers at the Nigerian Stock Exchange, adding that the company was planning to invest in marginal fields as well.

Nigeria is estimated to require 445,000-500,000 bpd of refined products. The country’s installed refining capacity is 445,000 bpd, but the refineries operate at a fraction of their nameplate capacities.

Last week, the country’s acting president announced that two modular refineries would be constructed in each of the Niger Delta states, and that mini-refineries would be legalised and provided with fuel. Nigerian industrial conglomerate Dangote Group is also building a 650,000-bpd oil refinery in the southeast quadrant of the Lekki Free Trade Zone, set to be complete in September 2019.

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