The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy.
NNPC made this announcement on Saturday evening via its social media platforms.
Group Chief Executive Officer NNPC Limited, Mele Kyari was quoted as saying that the acquisition was to strengthen its operations in the downstream business portfolio to enhance profitability and guarantee National Energy Security.
“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses,” he said.
He commended the board for the acquisition just as he lauded President Muhammadu Buhari who is also the Minister of Petroleum for laying the foundation for improving energy access.
“The acquisition is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa.”
“With the new assets we are poised to becoming the largest petroleum products Retail network on the African continent,” Mele added.
He also assured the 200 million shareholders and Nigerians that the firm will prudently manage the business noting that, “We will make money for NNPC because this is a very profitable business.
