Forte Oil To Compete With Dangote, Others On Acquisition Of Refinery

What seems to be like a wholesome rivalry may quickly come to play in Nigeria’s downstream oil and fuel sub sector, as an indigenous oil main, Forte Oil, says it’s holding talks with the Warri Refinery to type a strategic partnership for elevated local output capability.

Disclosing this on Friday, Mr Akin Akinfemiwa, Forte Oil Chief Executive Officer, stated although details were still being worked out, the agreement was geared toward exploring partnerships and joint ventures for native refining of petroleum products.

He acknowledged that the venture might be one that could put together Forte Oil to ultimately go deeply into refining of petroleum merchandise to see if Africa’s top oil exporting country may refine merchandise for native consumption in a number of years to come.

The Warri Refinery, initially constructed to provide one hundred,000 barrels per day (bpd) output at its inception in 1978, was in 1987 upgraded to run a much bigger capability of 150,000 bpd. gas Further outfitted in 2000, it went for 200,000 bpd, but lack of upkeep has seen it run less than forty per cent of its full capacity since 2016.

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