Contrary to news reports, the management of Forte Oil Plc, on Tuesday denied alluding to the existence of strategic partnerships with Nigeria’s state-owned refineries during the questions and answer session at its “Facts-Behind-The-Figure” held on August 4, 2017, at the Nigerian Stock Exchange (NSE).
Nigeria has four refineries in Warri, Port Harcourt and Kaduna, all of which are performing sub-optimally, following which the nation has over the years relied heavily on petroleum products import, leading to various attempts in the past to privatize them under various administrations.
In its statement to the NSE, signed by Akinleye Olagbende, its General Counsel, the company said such report about the existence of strategic partnership “is not an accurate publication of what was discussed.
Instead, the statement said what its Group Chief Executive officer, Akin Akinfemiwa, said, which was quoted out of context was that “the company will explore the option to invest in the refineries as soon as there is an improvement in the economy or a viable opportunity presents itself sometime in the future.”
The statement stressed further “that Forte Oil Plc has not entered into any form of strategic partnership for the refining of petroleum products.”
It further expressed commitment “to exploring ways to maximize the investment of its shareholders and will promptly notify the exchange and the general public of any strategic partnership relating to the expansion of its business as required.”
