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Nestoil, Polish firm deepen alliance in power, oil, gas sectors

By on August 17, 2014

As part of their renewed efforts to harness the abundant investment opportunities in Nigeria’s power, oil and gas sectors, Nestoil Plc and Kulczyk Investments SA (KI) of Poland have signed agreement to deepen their strategic alliance on these sectors of the economy.

The decision of the two partners to expand their alliance, THISDAY learnt, stemmed from the success recorded in their first partnership that resulted in the setting up of Neconde Energy Limited – the 45 per cent working interest holder in Oil Mining Lease (OML) 42.

Buoyed by the success of the first partnership, Nestoil and KI have identified new cooperation potentials in the Nigeria’s power sector as well as in Europe.

‘’The investment in Neconde has been challenging, given the company’s non-operator status in OML 42, which has made it difficult to implement the well set-out development plans of the promoters.

“These challenges, no doubt, have led to the partnership not achieving its desired investment expectations.

“KI and Nestoil have refocused and further deepened their alliance by a recent additional collaboration in the oil and gas sector, and expansion to include investments in the power sector, an area well known to both partners, with major current investments in their home countries”. a source said.

Century Power Generation Limited (CPG) is an affiliate of Nestoil Plc with the primary objective to develop, build, own and operate efficient power generating plants on Nigeria and Africa.

Century Power is an indigenous company with a vision of becoming one of the largest power providers in the region. CPG is currently developing a 1500MW gas-fired power plant in Okija, Anambra state. General Electric Co. and Daewoo Engineering & Construction Co. are the lead contractors for the construction. Starting from an initial 495MW, the plant is expected to run at its full capacity of 1500MW by 2020.

Kulczyk Investment is an international investment company, focused on the creation of deals and investment opportunities in global emerging markets. The company’s strategic industries are energy, mineral resources, infrastructure and real estate. Kulczyk Investment is the only company of Polish origin to act globally in over 30 countries on four continents.

KI has been active in the energy market for nearly 20 years and has created Poland’s first energy group operating internationally.

Polengeria is a vertically- integrated group of companies working under a common brand in the field of energy generation from conventional and unconventional sources, as well as energy trading and distribution.

Polenergia is one of the key assets in Kulczyk Investments portfolio as an operational centre, know-how base and a platform to carry out innovative energy projects in Poland and within the region.

Over the years, Nestoil has successfully completed complex projects for Shell and has received several awards for excellence in quality and safety.

 

[This Day]