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Nestoil Buys 10pc Stake in Julius Berger

By on February 6, 2012

Nestoil Group, one of Nigeria’s foremost engineering, procurement and construction (EPC) services firms in the energy and oil and  gas industry has taken up 10 per cent stake in construction giant, Julius Berger Plc.

The deal, worth N4.12 billion (EUR20 million), follows the divestment of Bilfinger Berger from its Nigerian subsidiary.

The sale is to take effect in the first quarter of 2012.
With the sale, Bilfinger Berger reduces its minority stake in Julius Berger Nigeria to 39.9 per cent as part of its medium term plan to gradually reduce its holding in Julius Berger Nigeria further.

Julius Berger has been active in Nigeria since 1965, its first project being the construction of the Eko Bridge in Lagos. The company, for many years was the largest private employer in Nigeria and was listed on the Nigerian Stock Exchange in 1978.

The company operates its own, independant facilities such as quarries, mixing plants, repair and recondition workshops and a comprehensive transport fleet (land, air, sea).

Nestoil Plc was incorporated in Nigeria in 1991 and has since then grown to become the leading indigenous EPC provider for major IOCs (International Oil Companies) in Sub-Saharan Africa like National Petroleum Company (NPC), Shell, Exxon Mobil, Chevron, Total.

Via Leadership

One Comment

  1. Joseph

    February 8, 2012 at 8:25 am

    Is the big move by our dear company!Nestoil, Energyworks Technology Welldone sir.