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| Femi Otedola, Chairman, Forte Oil Plc |
Forte Oil markets
refined petroleum products for automobiles and machines. It operates various
services, including retail petroleum product marketing, industrial fuels and
lubricants marketing, lubricant production and marketing, among others.
According to
Forte Oil, Mercuria Energy, the world’s third largest independent energy traders
and asset operators, has made inroads into the West African energy sector
through a direct investment in Forte Oil Plc.
The Femi
Otedola’s firm stated that it had through the investment secured additional working
capital to continue its meteoric growth and dominance in the downstream sector,
upstream services, power generation and upstream exploration in its bid to
becoming Nigeria’s premier integrated energy solutions provider.
In a
statement, Forte Oil said that Mercuria Energy Group was joining forces with it
at an auspicious time when equitable funding and expertise is needed to expand
and intensify its market penetration to give the company the leverage to
further create a positive impact on all shareholders.
It said: “This is another step towards projecting Forte Oil Plc as the
investment of choice as reflected in our mission statement. The investment,
which has been approved by the Nigerian Stock Exchange and the Securities and
Exchange Commission, is geared towards improving the group’s working capital and
will be used for the expansion of the downstream and power generation business
in Nigeria as well as positioning itself for future opportunities in the
Nigerian oil and gas sector.”
The
statement further stated that the Mercuria network encompasses 38 offices in 27
countries and the group employs more than 1,000 people of 40 nationalities. The
company trades in more than 50 countries, sourcing, supplying and trading crude
oil and refined petroleum products.
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