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Orient Petroleum Resources Plc, the indigenous company currently building the first private refinery in the country, has concluded arrangements to the quoted on the Nigerian Stock Exchange.
Orient Petroleum Resources Plc, the indigenous company currently building the first private refinery in the country, has concluded arrangements to the quoted on the Nigerian Stock Exchange.
When listed, the company will be the first petroleum and refining company to be quoted on the stock exchange. The other quoted companies in the petroleum segment are product marketers.
Towards the listing of the company on the stock exchange, a management team of Orient Petroleum Resources met with the leadership of the Nigerian Stock Exchange last Wednesday, May 21, 2008. Orient Petroleum was led to the meeting by the Engineer Nnaemeka Nwawka, Managing Director/Chief Executive Officer, while the Nigerian Stock Exchange was led by Mr. Uzoma Henry Onyekuru, general manager and head of the emerging market/special projects department, who stood in for the Director-General, NSE, Prof. Ndi Okereke-Onyiuke.
Speaking on the outcome of the meeting, Mr. Onyekuru said the listing of the Orient Petroleum was imminent, describing it as 'a good thing."
He said that Orient Petroleum was building 'a very big refinery close to the oil blocks in Anambra State" and would operate as an upstream company and refinery. He confirmed that Orient Petroleum would be the first oil producing company to be listed on the stock exchange. He said that private placement for the shares is on and being handled by UBA Global Markets Limited.
Engineer Nwawka, MD/CEO of Orient Petroleum, expressed delight at his company's plan to be listed on the stock exchange. He said that Orient Petroleum was creating a unique and a patriotic opportunity for Nigerians to become masters of their destiny by owning Nigeria's oil business.
The managing director underlined Orient Petroleum's responsive corporate responsibility approach to interaction with the communities and assured that highest possible levels of environmental safety would be applied.
He said: "We budget at least three percent of our turnover every year for community needs. We also have a five-point community relations strategy that is based on the need of the people.
'Moreover, don't forget that our chairman, Chief Emeka Anyaoku, is also the president of the Worldwide Foundation for Nature, which looks after the environment globally. So you can understand our level of care."
Construction work on the Orient Petroleum refinery, in Nsugbe-Umuleri, on the bank of Anambra River, Anambra State, is in progress. The 55, 000 barrel per day refinery is expected to gulp a whopping $660 million.
A foremost engineering company, Beijing Petrochemical Design Institute, is handling the refinery, which is expected to commence production early next year.