FRI, SEPT 08 2023-theGBJournal |The management of NNPC Limited, Thursday said in a statement that it does not oppose the sale of shares of Nigerian Agip Oil Company to Oando Plc.
NNPC released the statement against a backdrop of apprehension by investors following a letter it issued on the deal between Oando PLC and Eni for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
NNPC noted that the letter was ”a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC).”
”That is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC. This is not correct,” NNPC affirmed.
It also noted that the letter was sent by NEPL, an NNPC Ltd. subsidiary.
”However, nowhere was opposition or objection to the transaction mentioned in the letter. NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future,” NNPC said.
The Oando PLC and Eni deal for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited has recieved endorsements from international oil watchers including the African Energy Chamber (AEC).
The AEC had Wednesday called for swift government approval of the deal which it described as a ”ground-breaking agreement and significant step forward for Oando.”
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