Nigeria’s NNPC Limited announced that it has acquired OVH Energy Marketing (OVH), owner and operator of the Oando branded retail service stations and ASPM Limited, custodians of the Lagos Midstream Jetty.
According to both companies in a press release, NNPC Limited will take over 380 OVH Energy fuel stations in Nigeria and Togo, among other assets. The outlets would be rebranded NNPC and would be fully integrated before the end of 2023.
NNPC Limited, borne out of the enactment of the Petroleum Industry Act, is a global energy company with businesses and operations across the entire spectrum of the energy value chain in Nigeria
NNPC says that the strategic move aims to create the leading downstream energy company in Nigeria and West Africa, driven by operational efficiency, best in class management, physical infrastructure while offering premium petroleum products and related services to customers, in line with global standards.
Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities. The transaction also positions NNPC Retail Limited as the fastest growing commercial energy company in its pursuit to guarantee energy security for Nigeria’s growing population and significantly more growth opportunities for the business.
“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”, said Mele Kolo Kyari,GCEO NNPC Ltd. “Our goal as NNPC Limited is to become a catalyst for massive improvement within the downstream oil and gas industry therefore, access to the extensive asset base of OVH is our audacious step towards attaining this goal. We are positive that this is the much-needed transformation required by the sector as it provides us with an integrated platform to attract the right investments which enables the growth of our operations”.
“This acquisition by NNPC comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws (with the recent enactment of the PIA), the continuing increased demand for petroleum products and particularly the deliberate efforts to increase and improve the supply and consumption of natural gas in support of our energy transition goals” says Huub Stokman, CEO OVH. “We have always focused on a value driven approach, prioritizing the quality of products and services offered to our customers, at both retail and commercial levels. This acquisition enables the combined strengths of both entities, to innovate our offerings and infrastructure, necessary to transform the downstream energy sector in Nigeria and West Africa. It is an exciting time for us all, as we continue to focus on technological enhancement, our customers, staff, and other stakeholders” he added.
The leadership of the merged entity share a common purpose and is focused on value creation with the strengths of OVH’s operational efficiency and NNPC’s brand.
No comments:
Post a Comment