Business

Nigerian Energy Tycoon Kola Karim Acquires 51% Stake in EPC Company

Isaac UmunnaComment(0)

Shoreline Energy International, an industrial conglomerate owned by Nigerian tycoon Kola Karim, has acquired a 51% stake in Entrepose DBN, a leading provider of construction and mechanical services to IOCs, NOCs and junior oil companies in Nigeria. According to a press release issued by Entrepose, the transaction will help accelerate the development of Entrepose DBN and expand its reach across the Nigerian industrial sectors as the two companies will merge to create a leading Engineering, Procurement and Construction (EPC) contractor for key onshore and offshore Oil & Gas projects in Nigeria.

Financial terms of the deal were not disclosed. Entrepose DBN is the Nigerian subsidiary of VINCI, a French concessions and Construction Company listed the on Euronext with a market capitalization of more than $45 billion. Headquartered in Lagos and founded in 1978, Entrepose DBN designs, builds, and operates infrastructures for production, transport, and storage in the oil and gas industry and other energy sources. The company owns fabrication yards in Port Harcourt, Warri, Onne Free Trade Zone and Bonny Island and employs more than 700 people.

With the new merger, Shoreline and Entrepose DBN will target a broad set of opportunities across multiple industries in Nigeria with a specialist focus on the oil and Gas sector, seeking out projects in LNG plant expansion, onshore oil and gas fields maintenance and operations, major pipeline developments, and other offshore developments.

Kola Karim, one of Nigeria’s most successful entrepreneurs, is the founder of Shoreline Energy International, a leading industrial group focused on energy and engineering investments in Sub Saharan Africa. Shoreline is a leading investor and operator in the oil and Gas upstream industry across West Africa. Shoreline’s existing assets have proven reserves of 1.2bn barrels and 2tcf of gas reserves Onshore Nigeria. Alongside it’s Oil and Gas assets, Shoreline is involved in leading businesses in the Engineering, Power and Construction industries. Forbes

Pix: Kola Karim

Isaac Umunna

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