Oando Plc has set long term strategic plan to grow its aggregate gas pipeline utilization contracts to an average of 200 mm scf per day by year 2020. The group Managing Director, Oando Plc, Adewale Tinubu who disclosed this in Lagos while addressing stockbrokers.
He said the group would start development of gas processing facilities and complete development and commence operation of the 150 mm embedded /grid power generation. Tinubu said that that the group is planning to raise fund from the capital market to enable the firm settle debts as well woo strategic and foreign investors coming to the market.
He said that company is weighing options like discussions with strategic or portfolio investors on the kind of capital injection, whether it would be a convertible loan, adding that the fund raising plan is not a problem, given that investors are very interest in a group that earns 90 per cent of its income in US dollar. He said the firm would come to the market once the volatility in market fully come down and Foreign exchange is fully converge.
