NNPC acquires Oando stations

On Saturday, the Nigerian National Petroleum Company Limited announced that it has acquired OVH Energy Marketing, the owner and manager of retail service stations under the Oando brand.

Speaking about the development in Abuja, Margery Okadigbo, Chairman of NNPC Limited, stated that the national oil firm has become the largest retailer of petroleum products in Africa as a result of the purchase of OVH assets.

She stated, "Under an Accelerated Network Expansion Initiative, NNPC has finalised the acquisition of OVH downstream assets in order to improve our downstream business portfolio to enhance profitability and guarantee national energy security.

The reception jetty (ASPM), which has a 240,000MT monthly capacity, eight LPG (Liquefied Petroleum Gas) plants, three lubes blending plants, three aviation depots, and twelve warehouses are all included in this.

“This includes the reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG (Liquefied Petroleum Gas) plants, three lubes blending plants, three aviation depots and 12 warehouses.

“The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.”

He said that by purchasing OVH, NNPC Retail Limited would expand on its current performance and run model service centres by utilising OVH's huge asset base and business competencies.

“Our acquisition of OVH. brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations,” Kyari stated.

The acquisition by NNPC, according to Huub Stokman, Chief Executive Officer of OVH Marketing, occurred at a crucial time for Nigeria's energy sector given the recent revision of the country's petroleum regulations with the passage of the Petroleum Industry Act 2021.

Source