Oando Plc has revealed that it is ready to participate in the Federal Government bids for the refurbishment of one or two Nigeria’s refineries, probably the Port Harcourt refinery as stated via @Oando_PLC, the company’s twitter handle.
The Managing Director, Oando Plc, Mr. Wale Tinubu, said that the company would seek approval from the Federal Government for the refurbishment of one or two refineries during the Company’s facts behind the figures at the Nigerian Stock Exchange (NSE) in Lagos.
The reports show that refurbishment of the refineries would enable the country to end fuel importation.
Tinubu stated that the company would take advantage of its indigenous status by participating in the Federal Government bid.
The company has also maintained that militancy was affecting its production in the Niger Delta and that 2016 was also a challenging year for companies due to foreign exchange challenges.
Besides, the company has mapped out strategies to mitigate the foreign exchange challenges, as 90 per cent of its earnings focus will be on dollar, while 10 per cent will be in Naira.
On the midstream, Tinubu said that the company would invest in acquisition of NIPP grid connected power utilities in the current financial year.