The Nigerian National Petroleum Company Limited says it is adding ‘over 380 filling stations’ to its retail operations, through the acquisition of Oando (OVH).
In a statement issued on Saturday, NNPC Ltd. said the acquisition would enable it “strengthen its downstream business portfolio to enhance profitability & guarantee National Energy Security”.
The deal presents the national oil company with, among other things, a reception jetty (ASPM) with 240,000MT monthly capacity, 8 LPG plants, 3 lubes blending plants, 3 aviation depots, and 12 warehouses.
“The acquisition, which is under our Accelerated Network Expansion (ANEX) Initiative, will bring over 380 additional filling stations under the NNPC Retail brand in Nigeria and Togo on our journey to attaining 1,500 stations.
“With this development, we are poised to becoming the largest petroleum products Retail network on the African continent,” the NNPC Ltd said.
What we know
In July 2016, Oando PLC, a leading indigenous energy group, concluded a recapitalization and partial divestment of its downstream operations to a consortium of Helios and Vitol. The new company, renamed OVH Energy, is the second largest downstream fuels company in Nigeria. Its assets comprise over 350 service stations in Nigeria with supporting infrastructure, including 84,000 tons of storage and a newly built inbound logistics jetty; as well as complementary businesses, chiefly LPG filling and distribution, lubricants and an interest in a supply and bulk distribution company in Ghana.
