The Nigerian National Petroleum Company Limited, has acquired OVH Energy Marketing (OVH), owner and operator of the Oando branded retail service stations.
The service stations will be merged with NNPC Retail Limited (NRL),a statement said on Saturday.
According to the statement,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.
It explained that 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.
It added that 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 Limited.
He added:“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”.
Speaking,Huub Stokman, CEO OVH, said the 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.
“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.
He added that OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand and a full integration is expected by the end of 2023.
Premium News reports that 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.
Besides ,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.
