20 June 2017
Julius Berger diversifies into oil, signs JV with Petralon Energy
Julius Berger Nigeria PLC, said it has entered into an oil joint venture with Petralon Energy.
Julius Berger is the country’s largest civil construction company. The joint venture will see both companies acquire and develop oil fields in Nigeria’s oil-rich region.
The company said the JV is part of its strategic decision to diversify into the oil and gas sector.
Petralon is an upstream energy company, established to acquire, develop, operate and finance hydrocarbon assets in the Nigerian oil and gas sector.
The company said it seeks oil and gas prospects in other African countries with rapidly evolving oil and gas sectors, such as Ghana, Kenya, Namibia, Uganda and Angola. In profile, Petralon said it plans to build an upstream energy company with a focus on the mature, marginal and non-conventional sector of the Nigerian oil & gas industry, with immediate creation of increasing value.