The Nigerian National Petroleum Company Limited (NNPCL) in its drive for downstream expansion, acquired OVH Energy Marketing (OVH), owner and operator of the Oando branded retail service stations. With the merger, NNPCL now officially controls all Oando retail outlets comprising fuel, and aviation among others, across the country. ALSO READ FROM NIGERIAN TRIBUNEEarlier in his address, Huub Stokman, CEO of OVH said the acquisition came at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws. He further disclosed that the OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand and full integration is expected by the end of 2023. In addition, and to support the combined NNPC Retail Limited operations, NNPC Limited has acquired Apapa SPM Limited (an affiliate of OVH Energy) that owns and manages West Africa’s first privately owned midstream jetty, known as the Lagos Midstream Jetty.
Source: Nigerian Tribune October 01, 2022 21:14 UTC