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