Transcorp Ughelli Power tar­gets 3,000mw in five years

Daily Trust - - NEWS - By Si­mon Echewo­fun Sun­day

The new own­ers of the Ughelli Power Plc, an elec­tric­ity gen­er­at­ing com­pany (Genco) in Delta State, have said the plant’s gen­er­at­ing ca­pac­ity has in­creased from 160megawatts (mw) to 360mw, two months af­ter its ac­qui­si­tion and takeover.

Transna­tional Cor­po­ra­tion of Nigeria Plc (Transcorp) dis­closed this re­cently in its 2013 an­nual re­port and fi­nan­cial state­ment not­ing that it plans to in­crease the plant’s out­put to 3,000mw within the next three to five years.

The re­port which was signed by the Chief Ex­ec­u­tive Of­fi­cer, Obinna Ufudo, noted that its en­ergy sec­tion is en­vis­ag­ing an en­ergy city with the Ughelli plant as a hub that will catal­yse in­dus­trial de­vel­op­ment in the coun­try.

It said, “The planned en­ergy city will com­prise fer­til­izer and petro­chem­i­cal plants among other heavy in­dus­tries,” adding that the hub will pos­i­tively im­pact in the host com­mu­ni­ties to pro­vide ed­u­ca­tional, health and sport­ing fa­cil­i­ties of global stan­dards.

Transcorp, which also ma­jors in oil and gas, said it is bent on fast-track­ing oil ex­plo­ration and ready to ex­plore op­por­tu­ni­ties for the ac­qui­si­tion of oil and gas as­sets avail­able from on­go­ing di­vesti­ture of on­shore as­sets by In­ter­na­tional Oil Com­pa­nies (IOCs) and sale of mar­ginal fields by the federal govern­ment.

“We have stepped up our en­gage­ment with the Min­istry of Petroleum and reg­u­la­tory bod­ies to com­plete the doc­u­men­ta­tion and pre-drilling ac­tiv­i­ties for our oil block OPL 281,” it dis­closed.

The an­nual state­ments made avail­able to Daily Trust re­vealed that its rev­enue grew by 42 per­cent from N13.2bil­lion to N18.8bn in 2013 just as its share­hold­ers unan­i­mously ap­proved the rec­om­mended N1.93bn div­i­dend for the year ended.

Transcorp Group, whose Chair­man is Mr. Tony Elumelu, has var­i­ous stakes in the en­ergy sec­tor, hos­pi­tal­ity and agri­cul­ture. It said it had good op­er­at­ing re­sults in 2013 that pro­vides in­sights into its im­me­di­ate plans and ex­cit­ing fu­ture.

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