SUN, 02 OCT, 2022-theGBJournal| The NNPC Limited said Saturday that it has completed the acquisition of OVH Energy Downstream assets. The acquisition puts the NNPC in pole position to becoming the largest petroleum products Retail network on the African continent.
The NNPC Limited said the move is in order to strengthen its downstream business portfolio and to enhance profitability and guarantee National Energy Security.
The OVH assets include 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,’’ NNPC said.
The transaction also positions NNPC Retail Limited as the fastest growing commercial energy company in its pursuit to guarantee energy security.
‘’Our acquisition of OVH, brings more NNPC branded fuel stations under the NNPC Retail Limited umbralla, providing wider access for our customers, an enriched supply chain and product availability across our different locations,’’ Mele Kolo Kyari, GCEO NNPC Limited said.
‘’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,’’ says Huub Stokman, CEO OVH.
Stokman added that the 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.’’
OVH Energy Oando branded retail service stations will be now be rebranded into the NNPC brand and a full integration is expected by the end of 2023.
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