• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

Oando Plc to run Port Harcourt refinery with Agip

Onome Ohwovoriole by Onome Ohwovoriole
May 12, 2017
in Company News
Oando Plc to run Port Harcourt refinery with Agip
Share on FacebookShare on TwitterShare on Linkedin

Nairametrics| Wale Tinubu CEO of Oando Plc, said the company was considering raising  N40 billion in fresh capital. He made this statement yesterday at the company’s facts behind the figures event at the Nigerian Stock Exchange (NSE). Oando had also signed a Memorandum of Understanding (MOU) with the federal government to run, operate and maintain the Port Harcourt refinery. Minister of state for petroleum Ibe Kachikwu had earlier this week stated that Agip was involved in the repairing of the Port Harcourt refinery, and had plans to construct a new one in Port Harcourt or Brass.

The Port Harcourt refinery was established in 1965 at Eleme with an initial capacity of 60,000 barrels per day, and an extension was built in 1985 with a capacity of 150,000 barrels per day. The combined capacity of 210,000 barrels per day has made it the largest refinery in the country. Age and poor maintenance have led to a drop of both the Port Harcourt refinery and the two other refineries owned by the federal government. Data from the monthly operational and financial report by the NNPC showed the Port Harcourt refinery had a 38.5% capacity utilization rate In January 2017.

The news may have been responsible of the recent rally in the company’s shares on the Nigerian Stock Exchange (NSE). Year to date, Oando shares have risen over a 30% outperforming the Nigerian Stock Exchange (NSE) All Share Index which is up 5.75%. First quarter 2017 results by Oando saw a 116% increase in turnover from N63.9 billion in 2016 to N138.4 billion in 2017. Profit before tax increased 207% from a loss of N461 million in 2016 to a profit of N494 million in 2017.

RelatedStories

Oando Plc,

Oando continues with strong financial performance, reports 172% growth in gross profit in Q1 2025 financial report 

June 26, 2025
Oando Plc,

Oando posts N113 billion Q1 PAT for 2025, on surging income tax credit 

June 25, 2025
Tags: Oando PlcRefineries
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

Oando Plc,
Companies

Oando continues with strong financial performance, reports 172% growth in gross profit in Q1 2025 financial report 

June 26, 2025
Oando Plc,
Company Results

Oando posts N113 billion Q1 PAT for 2025, on surging income tax credit 

June 25, 2025
Oando Plc,
Companies

Oando deepens upstream investment with $375m financing deal  

June 5, 2025
Oando Plc,
Companies

Oando secures $375 million injection from Afreximbank and Mercuria, eyes 100,000 barrels per day 

June 5, 2025
Oando Plc,
Companies

Oando becomes preferred bidder for Guaracara Refining Company in Trinidad, hints at Afro-Caribbean partnership 

March 11, 2025
Oando Plc,
Equities

Will Oando Plc gain another 529% this year? 

February 12, 2025
Next Post
Investor’s Watch: Fitch Ratings Affirm 8 Nigerian Banks

Fitch Rates Zenith Bank's $500 million Term Note - Key takeaways

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 
  • President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 
  • FG to establish National Design and Development Agency to support Nigerian innovators 

Follow us on social media:

Recent News

Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 

July 14, 2025
President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics