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Forte Oil Divestment: Shareholders task firm on lubricants, liquidity

as Adeosun emerges CEO

By Udeme Akpan

 

Shareholders  have tasked Forte Oil Plc to put in place a new board, capable of driving the company towards increased stability and growth.

In a telephone interview with Vanguard yesterday, president, Pragmatic Shareholders Association of Nigeria, Mr. Boniface Okieze, said: ‘’the company should put in place a formidable board of directors to drive its operations. The company needs to be positioned towards the path of sustainable growth.”

The chairman, New Dimension Shareholders Association of Nigeria, Mr. Patrick Ajudua, also said: “The Company has to strategise while focussing on major projects and programmes in the downstream sector. The company needs to invest in key areas, especially lubricants as well as have the liquidity to import petroleum products.”

In a report obtained from its website, the company stated: “Forte Oil operates in the downstream sector of the oil and gas industry as an indigenous petroleum marketing company with a strategic network of 500 retail outlets in the 36 states of Nigeria and the capital city of Abuja.   The Company markets premium motor spirit (PMS), automotive gas oil (Diesel), dual purpose kerosene (DPK), fuel oils and Jet A-1 fuel amongst others.

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“Forte Oil Plc aims to provide its customers the most dynamic shopping experience at its retail outlets through partnership with leading brands, providing diverse product mix beyond the sale of petroleum products. Such services include Quick Service Restaurants (QSR), Telecommunication Support, Banking Services, Light-Weight Auto Repairs etc.

 

“As a Company we place special emphasis on the varied needs of our customers, Forte Oil produces and distribute a vast range of quality lubricants brands to satisfy various automotive and industrial lubrication requirements. Over the years, our automotive engines oils, Super V and Visco 2000, continue to serve as Nigeria’s preferred engine oil. Forte Oil Plc leverages its British Petroleum (BP) heritage till date for quality lubricants production at its 50,000 metric tonnes lubricating oil blending plant at Apapa in Lagos for the benefit of its customers.”

It added: “Forte Upstream Services Limited (formerly African Petroleum Oilfield Services -APOS) operates in the upstream petroleum services sector as Forte Oil moves to establish itself in every point of the energy value chain. Forte Upstream Services Limited is a fully owned subsidiary of Forte Oil PLC incorporated in August 2003, with a vision to become Africa’s leading indigenous upstream petroleum service company providing high quality services and supplying production chemicals and drilling fluids chemicals to operators in the upstream petroleum sector throughout Nigeria and Sao Tome and Principe.

“Forte Upstream Services Limited operations are supported by effective and efficient local resources underpinned by a long-term technical partnership with M-I Production Technologies (MI-PT) a division of MI-LLC Smith-Schlumberger Company and a global leader in provision of high quality chemicals and support services in the oil and gas industry. Forte Upstream Services Limited has, within a short period of incorporation, already established strong business relationships with major multinationals and indigenous oil companies in Nigeria namely Shell, Total, Exxon Mobil, Saipem, Addax, MI Nigeria, Seplat, Septa, Afren, AFREN, Agip, Century, etc.”

It added: “Amperion Power Distribution Company Limited (Amperion Power) is the power generation division of Forte Oil PLC which recently completed the acquisition of a majority stake in the 435MW Geregu Power plant located in Kogi State of Nigeria, under the government-led privatization programme in the power sector.”

Amperion Power is a partnership arrangement with seasoned and competent entities in the global power sector. Forte Oil Plc currently a majority stake in Amperion’s equity while the State Grid Corporation of China’s, world’s largest utility company, as its technical partner.

“Geregu Power Plant was commissioned in 2007 with three Siemens V94.2 open cycle gas turbine power generation units totaling 414MW of installed capacity. The three operational units namely GT11, GT12, and GT13 have a rated capacity of 138MW each. The station is supplied gas from two pipelines, a 24-inch wide old pipeline and 36-inch wide 136 KM long new pipeline from the Natural Gas Treatment Plant.”

In a statement sent to Vanguard, the company stated that Mr. Olumide Adeosun has been appointed as its new Chief Executive Officer.

It added: ‘’With extensive knowledge developed over 18 years of experience encompassing oil and gas, renewable energy, power, and strategy both locally and internationally, Olu has a proven track record of technical delivery, senior leadership, and strategic foresight. Over his career, he has led profitable businesses and is a recognised thought leader in the energy sector.

 

“Olu began his career at Price Waterhouse Cooper (PwC) in London in 1998, where he provided advisory services to a range of multinational clients in the financial sector. In 2004, he worked as a consultant to British Petroleum (BP) Plc on a compliance program and eventually moved to join the company as Group Control Manager, BP Finance. At BP Plc, he helped to deliver a successful organisational transformation program, reducing complexity across the firm’s global financial business processes.”

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