Forte Oil is reportedly holding talks with the Warri Refinery to form a strategic partnership for increased local output capacity. Chief Executive Officer of the company, Mr Akin Akinfemiwa, who disclosed this on Friday, said though details were still being worked out, the agreement was aimed at exploring partnerships and joint ventures for local refining of petroleum products.
He stated that the venture might be one that could prepare Forte Oil to eventually go deeply into refining of petroleum products to see if Africa’s top oil exporting country could refine products for local consumption in a few years to come.
In May, Oando Plc, announced that it was having talks to work with Italian energy company, Eni, to rehabilitate the Port Harcourt refinery, while Africa’s richest man Aliko Dangote is building a $17 billion oil refinery with a capacity of around 650,000 bpd, planned to start operation by 2019.
Nigeria has four refineries but still depends on importation of over 70 per cent of its petroleum products needs due to the poor condition of its refineries.
Forte Oil, which is largely owned by oil mogul, Femi Otedola, had its shares rise by 4.99 per cent on Friday to reach N60.37, giving it a market value of about $216 million.
