On Saturday, The Nigerian National Petroleum Company Limited announced the purchase of OVH Energy Marketing, owner and operator of the Oando branded retail service stations.
Margery Okadigbo, Chairman, NNPC Limited,while speaking in Abuja on the recent development, said the acquisition of OVH assets had made the national oil company the largest petroleum products’ retailer in Africa.
She said, “In order to strengthen our downstream business portfolio to enhance profitability and guarantee national energy security, NNPC has under an Accelerated Network Expansion Initiative completed the acquisition of OVH downstream assets.
“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.”
Group Chief Executive Officer, NNPC, Mele Kyari, said Oando filling stations would be merged with NNPC Retail Limited.
He noted that through the acquisition, NNPC Retail Limited would build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities.
“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.
Chief Executive Officer, OVH Marketing, Huub Stokman, said the acquisition by NNPC came at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws with the recent enactment of the Petroleum Industry Act 2021.
(Punch)
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