Forte Oil seeks upstream acquisition opportunities, diversification into renewables

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In a bid to boost revenue and profitability for shareholders, the Managing Director and Chief Executive of Forte Oil, Akin Akinfemiwa, said Forte Oil would be exploring partnerships and joint ventures for local refining of petroleum products among other segments of the energy value chain, The Sun reports.

Addressing stockbrokers and investors at the “Facts Behind the Figures,” on the Nigerian Stock Exchange (NSE) in Lagos at the weekend, Akinfemiwa also said that the company will improve its operating margins by growing the downstream business, deepen focus on high margin products like lubricants, fully exploit its LPG business, optimise operation of the Geregu power plant asset and achieve optimal structures for debt.

He also added that the company plans to diversify into the upstream sector through profitable acquisition of upstream assets, harness partnerships with convenience stores, financial institutions and telecommunications firms to increase footfall to retail outlets and improve asset utilisation and introduce new product offerings like solar energy solutions and other alternative energy solutions.