We don’t have any existing partnership with a local refinery - Forte Oil

Indigenous energy group, Forte Oil Plc has denied having an existing strategic partnership with any local refinery in Nigeria as part of its plans to expand its business footprint in the country. 

The company in a release to the Nigerian Stock Exchange (NSE), reacting to several online media reports that have suggested that it has entered into a contract, noted that the publications were an inaccurate account of the statement made by the Group Chief Executive Officer (GCEO) of the Company during the recently concluded Facts Behind the Figures held on  August 4, 2017 at the Exchange.    

The GCEO was said to have responded to a question by an attendee who enquired about the steps taken by the company to have strategic partnerships with local refinery  and that he stated  that the company will explore the option to invest in the refineries as soon as there is improvement in the economy or a viable opportunity presents itself sometime in the future.   

Executive Director and Group Chief Financial Officer, Mr. Julius Omodayo-Owotuga, at a recent media parley said  the group has  a five-pillar strategy going forward. “We want to concentrate on high margin products. 

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