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Home Industries Company News

Forte Oil signs $83m contract with Siemens, share price jumps 5% to N191

Nairametrics by Nairametrics
June 30, 2015
in Company News
Analysis 2013 FY : Forte Oil Plc 396% Increase in PAT Is Not All It Seems

Forte Oil Tank Facrm Source: Nairametrics File

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  • 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

 

 

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Tags: All Share IndexForte OilNews ReviewNigerian stock marketNigerian StocksOil & GasOIl and Gas Newsoil price

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