…now NNPC Retail Limited, targeted to
become the leading downstream company in West Africa
OVH Energy Marketing (OVH), owner and
operator of the Oando branded retail service stations, has been acquired by NNPC
limited, and will be merged with NNPC Retail Limited (NRL). This 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.
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. 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
Ltd. “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”.
“This 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” says Huub Stokman, CEO OVH. “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.
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. 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.
In addition, 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.
