The company acquired the downstream assets of OVH Energy, including a reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG plants, three lubes blending plants, three aviation depots, and 12 warehouses.
The highlight of the deal, whose value remains undisclosed, is the 380 Oando-branded fuel filling stations that NNPC Retail Limited will add to its over 500 outlets across Nigeria. NNPC aims to own at least 1,500 retail outlets, which will make it the largest downstream company in Africa.
“In simple terms, what this deal means is that if you see a lot of NNPC petrol stations today, you will begin to see more,” Uwa Osadiaye, a senior vice president and oil and gas analyst at FBNQuest, tells The Africa Report.
For years, NNPC imported most of the refined fuel used in Nigeria. In 2017, it became the sole importer. It sells the products in its outlets and to
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