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News Update (September 17, 2009 02:43 PM...)

Core investors to inject N5b into Union Venture Petroleum


As part of efforts to expand operations and become a competitive player in the oil and gas downstream sector, Union Ventures and Petroleum Plc (UVP) has admitted G & T Investment as a new core investor at its Extra-Ordinary General Meeting in Lagos.

According to a statement signed by Mr. Nnacho Eddy Chibuzo, the acting Chief Executive Officer of UVP, the core investor has a very vast in the operations of downstream sector in the country, especially in products importation and storage, distribution and marketing.

Chairman of the company, Sir F. C. Okeke while addressing the shareholders at the meeting said the core-investor would invest over N5 billion between now and next five years in the company in upgrading and development of the facilities, and general operations of the company.

The shareholders at the meeting unanimous approved the relevant resolutions, authorising the board to go ahead in the negotiation/discussions with the proposed core-investor, but with a caveat, to fact-track actions to ensure that the discussions are concluded by September 10, 2009 as earlier scheduled, for further delay is not in the best interest of the company.

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