Oando to sell 60 pct of downstream business for $276 mln

Oando has agreed to sell a 60 percent stake in its downstream business to a consortium of investors including Vitol for $276 million, the energy company said on Tuesday.

Oando, which is transitioning from being a marketer of refined petroleum products into an oil and gas explorer, completed the acquisition of ConocoPhillips’s upstream oil and gas business in Nigeria last year.

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