Forte Oil unveils its growth plans for improved operations

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According to the Group Executive Director, Finance and Risk Management, Forte Oil Plc, Julius Omodayo-Owotuga, the company is planning to deepen its focus on high margin products such as lubricants, Liquefied Petroleum Gas (LPG), and power to drive revenue generation as part of a strategic growth plan aimed at enhancing business profitability and increasing its market share in the industry, The Guardian reports.

Another area of focus, according to him, is to strengthen the company’s balance sheet through enhancement of working capital and efficient management of inventory and trade account receivables. “The company is also moving its plans towards the acquisition of the right upstream assets at the right price to increase volume and margins,” he said.

He added that the firm would focus on mergers and acquisitions within the industry to increase its downstream business by looking at becoming offtakers in refineries in the next six months. He said Forte Oil would also partner with telecommunication firms and financial institutions for effective distribution of its products. On fund raising, he explained that the firm is currently wooing foreign investors in its proposed N20 billion fresh capital raising exercise for the expansion of its operations.