Forte Oil Plc said that it will aggressively pursue merger and Acquisitions (M&A) along the energy value chain. Managing Director and Chief Executive, Akin Akinfemiwa who disclosed this while addressing stock brokers and investors at the “Facts Behind the Figures,” on the Nigerian Stock Exchange (NSE) in Lagos, said Forte Oil, was exploring partnerships and joint ventures for local refi ning of petroleum products. Akinfemiwa said: “ we will grow market share acquisitions of strategic retail infrastructure and assets. .
Forte Oil, formerly African Petroleum with interests in fuel distribution and operates the Geregu Power plant, plans to diversify into the upstream sector through acquisition of marginal oilfi elds. Th e company also planned to harness partnerships with convenence stores, fi nancial institutions and telecommunications fi rms to increase footfall to retail outlets and improve assets utilisation. Oando said in May it was in talks to work with Italian energy company Eni to rehabilitate the Port Harcourt Refi nery, one of Nigeria’s four refi neries.
Shares of Forte rose 4.99 per cent on Friday to N60.37, giving it a market value of N78.6 billion ($216 million), even as its market price has fallen 32 per cent year-to-date according to Reuters, after last year’s 74 per cent slump. Also, Africa’s richest man, Aliko Dangote is building an $17 billion oil refi nery with a capacity of around 650,000 barrels a day, planned to start operation by 2019
