• Wednesday, September 27, 2023
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Nipco Plc rebrands Mobil oil to reflect retail footprint expansion

Nipco Plc an indigenous Nigerian downstream oil and gas company has formally rebranded Mobil Oil Nigeria Plc to 11Plc (double one) as part of its strategy focused on expansion of the retail footprint under the Mobil brand.

The name change to 11 plc as published in an advertorial in national dallies is in furtherance of NIPCO’s agreement with ExxonMobil while retaining the Mobil brand.

Nipco it would be recall had in a trade executed on the floor of the Nigerian Stock Exchange (NSE) in 2016 completed the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc, in a deal worth N90 billion.

Nipco in October 2016 was selected by the United States-based oil major as the preferred bidder for the acquisition of the majority stake.

Venkataraman Venkatapathy, Group Managing Director, Nipco Plc was quoted to have said after the acquisition Nipco would review the two existing business models with the aim of synchronising and harmonising their operations.

According to him, “Nipco intends ultimately, that each of the entitles will remain and function independently. Running the two entities separately will engender financial and strategic merits.  Focus will now be placed on expansion of the retail footprint under the Mobil brand.”

Venkatapathy however promised that concerted efforts would be deployed towards promoting the Mobil brand of lubricants in Nigeria to capture a much larger national market share, and retain its pivotal position as the premium lubricant brand in Nigeria.

He further expressed that company’s sincere and profound gratitude to ExxonMobil for entrusting this invaluable asset to our company.

“Nipco will strive to justify this implicit confidence reposed in it by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards.

Report indicate that the deal, represent the biggest in the downstream sector in recent years, coming over seven years after another US energy giant, Chevron Corporation, divested of its majority stake in Chevron Oil Nigeria Plc to another Nigerian indigenous downstream player, MRS Group.

NIPCO, (previously called IPMAN Petroleum Marketing Company Limited), was incorporated on 8th January 2001 as an indigenous oil and gas company operating in the downstream sector of the Nigerian oil and gas industry.

NIPCO Plc is committed to meeting the needs of all stakeholders in the deregulated downstream sector of the Oil & Gas industry by providing quality services in petroleum product storage and handling in an environment that is friendly, safe and dignifying and become an integrated Oil & Gas company by venturing into the upstream sector.