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Press Release
'ShoreLine Energy Accquires Costain West Africa Plc'

The Federal Governments drive for foreign direct investment received a boost at the weekend as Shoreline Energy International Limited took major stake in construction giant, Costain West Africa plc.

Shoreline Energy International is taking Costain Group plc UKs controlling shares in Costain West Africa plc, thus making it the largest shareholder in the construction company.

Confirming this development after a board meeting in London, Rolf Poel, one of the board members of Shoreline Energy, said the acquisition of Costain West Africa plc will help to refocus the company and also allow it to play significant roles in the Nigerian economy.

Speaking on the issue, managing director of shoreline energy International, Kola Karim, described the acquisition as central to his companys strategy of becoming the leading infrastructure solution provider in Africa

This is the second big acquisition we have made in West Africa in the last two years and it is in line with our goal of becoming the foremost infrastructure solution provider on the continent

Kola Karim also said a technical service agreement is in place with Costain Group plc, UK to continue to support Costain West Africa plcs various projects across West Africa, saying that the companys vision is to become the foremost infrastructure provider in Africa.

He said already the company has substantial stakes in the infrastructure sector in East Africa and will be in the same position in Southern Africa when it completes a major acquisition which negotiations is at an advanced stage.

Agbara Estates Limited and Shoreline Power Company Limited finalise J.V for Independent Power Plant in Agbara Estates.

          Independent Power for Industrial tenants in Agbara from March

Lagos, Nigeria – 19th January,2007 –  Agbara  Estates Limited, owners of Agbara Estate (the largest privately owned industrial estate in West Africa), have finalised their Joint Venture agreement with Shoreline Power Company Limited for building a 100MW power plant in Agbara to supply power to the industrial and residential tenants in the estate.

The documents finalising the J.V were signed by Mr. Kolapo Lawson, the Chairman of Agbara Estates Ltd and CEO of Lawsons Corporation Nigeria Limited, the parent company of Agbara Estates Ltd. and Mr. Kola Karim, Managing Director and CEO of Shoreline Power Company Limited, on Friday at the Head office of Shoreline Power in Ilupeju.

Speaking to journalists after the signing Mr. Lawson explained that the two companies have formed a new company called Agbara Shoreline Power Limited which will be responsible for providing clean and reliable power to the industrial tenants, twenty four hours a day, seven days a week starting in March. Mr. Lawson said the economic well being of Nigeria depends on the availability of reliable power and efficient infrastructure. ‘’What we are doing here today will hopefully allow our clients to concentrate on building their core business, thereby impacting positively on their bottom line’’ Mr. Lawson said.  

On his part Mr. Kola Karim, commended the management of Agbara Estate for having the foresight to plan for an Independent Power Plant,( IPP) for their  tenants, saying “ this can only serve in furthering their objective of  providing the best infrastructure and services for their tenants”.

Mr. Karim also said the IPP in Agbara will be the first of many cluster IPP’s that Shoreline Power intends to build in partnership with other companies all over Nigeria. He said’’ this model of building small IPP to carter for specific consumers is particularly apt for Nigeria as it will free up power generated by government for consumption by ordinary people.”

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