- Forte Oil has signed an $83 million contract with Germany’s Siemens to upgrade its 414 megawatt (MW) gas-fired power plant, Forte said on Monday, adding the work would be completed next year.
- The Power Plant which was acquired by Forte Oil two years ago via privatization was constructed by Siemens.
- Shares in Forte Oil climbed 5 percent to 191.10 naira, outperforming the broader main share index, up 1.2 percent.
- Forte says it has made a 75 percent down payment for the work, adding this was the first service contract for any of the privatised plants.
- Forte Oil said it expected the upgrade to increase the overall capacity of its plant to 435 MW.
- Source – Reuters
