One of the new owners of electricity generating plants, Ughelli Power Plc, in Delta state, has announced the upgrade of the plant’s generating capacity from 160megawatts (MW) to 360MW.
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, which will catalyse industrial development in the country.
It said, “The planned Energy City will comprise fertiliser 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 is ready to explore opportunities for the acquisition of oil and gas assets available from on-going divestiture of on-shore 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 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 2013.