Transcorp target to start oil pump in 2014


elumelua-obamaTransnational Corporation of Nigeria Plc (Transcorp) says it will pump its first oil from Lease 281 in the Niger-Delta by the end of 2014.

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In a statement on Monday, the diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors, also revealed plans to build a 5-star hotel in the region.

Analysts expect crude-production to help boost profits after the company witnessed a 58 per cent slump last year.

“Oil, power and hospitality are growth sectors of the Nigerian economy, which investors believe will increase Transcorp’s income stream in the near future,” Sewa Wusu, an analyst at Lagos-based Sterling Capital Ltd., said in a Bloomberg report.

The new hotel, a venture with Hilton Worldwide, will be built in Port Harcourt, the capital of Rivers State. Transcorp says works will begin on the site in the first quarter of 2014.

The company said in 2011 it would build eight hotels under the Hilton name in Nigeria.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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