35.1 C
Abuja
Friday, December 9, 2022

NNPC acquires downstream assets of OVH Energy

Must read

The Nigerian National Petroleum Company Ltd has acquired the downstream assets of OVH Energy Marketing Company effectively making it the biggest downstream company in Africa.

The acquisition was announced, yesterday. in Abuja during the unveiling and rebranding of one of the retail station stations of OVH to NNPC.

 With the acquisition,  OVH retail stations trading under the Oando brand will now join the NNPC Brand.

The event was attended by the Chairman of the NNPC Ltd Board, Mrs Margary Okadigbo; the Group Chief Executive Officer of the NNPC, Mele Kyari, the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and the Executive Vice Chairman, Federal Competition and Consumer Protection Commission, Babatunde Irukera among others.

OVH Energy is the company behind the Oando retail brand in Nigeria.It is an indigenous marketer of choice providing trusted petroleum products and services.

Speaking at the event, the NNPC Board Chairman said that the acquisition of the downstream assets of OVH would position the NNPC to become the biggest downstream company in Africa.

She said with this partnership, the NNPC would now have a reception jetty (ASPM) with 240,000MT monthly capacity,  8 LPG Plants, 3 Lubes Blending Plants, 3 Aviation Depots, and 12 warehouses.

Okadigbo said as a result of the acquisition, additional 380 filling stations would be added to what the NNPC had, adding that with this, the aspiration of the National Oil Company to have 1,500 retail fuel stations would soon be achieved.

She said, “With this partnership, we have the capacity to have 8 LPG plants, three blending plants, three aviation depots, and 12 warehouses.

“You are going to have the biggest filling station collection in Africa and when you have 380 additional filling statins under NNPC, that is indeed huge.

“We also have NNPC retail brand now in Nigeria and Togo and we are on the journey to attaining the 1,500 fuel station target.”

In his speech at the event, the Group CEO said that the partnership would further unlock the potential of the NNPC to guarantee energy security for Nigeria.

He said, “Our President who is also the Minister of Petroleum Resources has consistently insisted that this company must ensure energy security for our country.

“Providing energy security means access to products. There is no way we can do this except you have a robust system and processes, you have a network that will work, you have an institution that will deliver value to shareholders.”

He described OVH as a company that has systems, processes and competence that align with the energy transitioning aspiration of the NNPC.

Kyari added, “We have struggled with this for many years and we saw the opportunities to latch on to the competencies of OVH. We have worked with them, they are our partners and we have also worked with them and we know their capability and ultimately we knew that this company will work for us”.

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article