According to a statement released on Saturday by the two companies, the state-owned oil company of Nigeria, NNPC Ltd., has acquired the marketing division of unlisted OVH Energy, giving it access to 380 gas stations in the continent’s largest oil producer, Togo, as well as other assets.
OVH Energy Marketing, owner and operator of retail service stations under the Oando brand, announced the rebranding of the locations to NNPC and the completion of the integration by the end of 2023.
Additionally, the agreement grants NNPC access to 12 warehouses, three aviation depots, and eight liquefied petroleum gas facilities.
Over 500 fuel stations are already owned by NNPC, a commercial entity that was established in July, and it was announced that it would be prepared for an IPO by the middle of next year.
