BusinessDay

NNPC acquires OVH Energy, takes over 385 retail stations

... to attain 1500 retail stations

The Nigerian National Petroleum Company (NNPC) Ltd has acquired the downstream assets of OVH Energy, the second largest downstream company with over 380 retail stations across Africa’s biggest economy.

“The acquisition, which is under our Accelerated Network Expansion (ANEX) Initiative, will bring over 380 additional filling stations under the NNPC’s retail brand in Nigeria and Togo on our journey to attaining 1,500 stations,” NNPC Ltd said via its Twitter handle.

Other assets in the transaction include a reception jetty (ASPM) with 240,000MT monthly capacity, eight Liquefied Petroleum Gas (LPG) Plants, three lubes blending plants, three aviation depots and 12 warehouses.

“With this development, we are poised to become the largest petroleum products retail network on the African continent, ” NNPC Ltd said.

Read also: NNPC, US corporation, Exim Bank in talks to finance gas projects

Huub Stokman, CEO of OVH said the acquisition by NNPC comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws, 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,” Stokman said.

He noted that all OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand and full integration is expected by the end of 2023.

According to Helios Investment Partners, a UK private equity company, NNPC Ltd acquired OVH energy through a special purpose vehicle called Nueoil Energy Limited.

According to Helios Investment Partners, a UK private equity company, NNPC Ltd acquired OVH energy through a special purpose vehicle called Nueoil Energy Limited.

“OVH Energy BV, a joint venture between Vitol and Helios, has completed the sale of its 100percent share in OVH Energy Marketing Limited and ASPM Limited to Nueoil Energy Limited, a local Nigerian company,” Helios Investment announced in a statement seen by BusinessDay.

The unveiling ceremony was attended by the Chairman of the NNPC Ltd Board, Margary Okadigbo; the Chief Executive Officer of OVH Energy, Huub Stokman; the Group Chief Executive Officer of the NNPC, Mele Kyari, the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and the Executive Vice Chairman, Federal Competition and Consumer Protection Commission, Babatunde Irukera among others.

NNPC acquires OVH Energy, takes over 385 retail stations

Get real time updates directly on you device, subscribe now.