As a part of an effort to deepen its retail companies within the nation, the Nigerian Nationwide Petroleum Company (NNPC) Restricted has acquired the Oando retail model, OVH Vitality Advertising and marketing.
OVH Vitality is the proprietor and operator of the Oando branded retail service stations. OVH can be merged with NNPC Retail Restricted.
Asserting the brand new enterprise on the weekend, NNPC Restricted mentioned the acquisition will grow to be the most important downstream firm in Africa in its pursuit to ensure vitality safety for Nigeria’s rising inhabitants.
Talking on the occasion, NNPC Group Managing Director, Mele Kyari, mentioned the acquisition supplies extra NNPC branded gasoline stations, wider entry for current prospects in addition to an enriched provide chain and product availability throughout numerous areas.
“Our purpose as NNPC Restricted is to grow to be a catalyst for large enchancment throughout the downstream oil and fuel business due to this fact, entry to the in depth asset base of OVH is our audacious step in the direction of attaining this purpose,” he mentioned.
The chief government officer of OVH Vitality, Huub Stokman mentioned each entities will innovate their infrastructure to rework the downstream vitality sector in Nigeria and West Africa.
He says; “This acquisition by NNPC Restricted comes at a important time within the Nigerian vitality sector given the overhaul of the petroleum legal guidelines, with the latest enactment of the PIA, the persevering with elevated demand for petroleum merchandise, and significantly the deliberate efforts to extend and enhance the provision and consumption of pure fuel in help of our vitality transition targets.”
Throughout the occasion, the NNPC Board Chairman, Senator Margery Chuba-Okadigbo, mentioned because of the acquisition, further 380 filling stations could be added to what the NNPC had, including that with this, the aspiration of the Nationwide Oil Firm to have 1,500 retail gasoline station would quickly be achieved.
In accordance with her, different property embrace a reception jetty with 240,000 metric tons month-to-month capability, 8 liquefied petroleum fuel crops, 3 lube mixing crops, 3 aviation depots, and 12 warehouses.
NNPC Restricted at present operates over 500 retailers throughout the nation, together with its 12 floating mega stations, which cater to riverine areas.
Nigeria’s downstream sector is riddled with some challenges together with low investments, coverage implementation delays, petroleum merchandise smuggling, lack of enough infrastructure, and plenty of extra.
NNPC Restricted was remodeled right into a restricted legal responsibility firm in July 2022.
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