Nigeria’s state-owned oil company NNPC Ltd has taken over the marketing business of unlisted company OVH Energy, giving it access to 380 service stations in Africa’s biggest oil producer and Togo, among other assets, it said. the two companies on Saturday.
OVH Energy Marketing, owner and operator of Oando-branded retail gas stations, said the outlets will be rebranded as NNPC and full integration is expected by the end of 2023.
The deal also gives NNPC access to eight liquefied petroleum gas plants, three aviation depots and 12 warehouses.
NNPC, which became a commercial entity in July, already has more than 500 service stations across Nigeria and said it would be ready for an IPO by the middle of next year. (Reporting by MacDonald Dzirutwe; editing by Alexander Smith)