Stella Dimoko Korkus.com: ExxonMobil Exits Nigeria’s Downstream Oil Sector

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Thursday, 20 October 2016

ExxonMobil Exits Nigeria’s Downstream Oil Sector

United States-based ExxonMobil has divested its 60 per cent  stake in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous Nigerian downstream oil and gas company.





Given the latest divestment, French energy major, Total, is the only international oil company operating in the downstream sector of the Nigerian oil and gas industry.
Nipco, in a statement on Wednesday, said the acquisition was agreed with the execution of a sales and purchase agreement with ExxonMobil.

The Managing Director, Nipco, Mr. Venkataraman Venkatapathy, said, “With the signing, we will start the transition period and initiate the process of obtaining regulatory approvals from the requisite federal agencies – the Securities and Exchange Commission and the Nigerian Stock Exchange.”
He said the transition period would also enable Nipco to effectively manage a smooth and successful completion of the transaction.


“Nipco considers this acquisition as an important synergy. It is part of our strategic moves to support Nipco’s continuous growth and expansion of its Nigerian retail footprints. We are confident of adding tremendous value to MON and likewise MON will add a huge value to Nipco,” Venkatapathy said.
He said in furtherance of this value addition, Nipco would continue to maintain the Mobil brand in its retail outlets as well as sell the Mobil brand of lubricants under branding licence(s) from ExxonMobil.


The Nipco MD said, “Nipco wishes to express its profound gratitude and appreciation to ExxonMobil for selecting us as the preferred bidder for the acquisition of MON.
“We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset, we will ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence.”
According to Venkatapathy, Nipco’s expansion trend reinforces its implicit confidence in Nigeria’s future.

He said, “The Nigerian economy still provides a robust and premium return on investment and Nipco Plc is privileged to have been given this opportunity by ExxonMobil on its home ground.

“To our shareholders and stakeholders, we say welcome to a new dawn. A new era that will usher in stability, prosperity, sustainability and growth.”
punch report.



21 comments:

Sweet Mother said...

This recession is real oh. I can imagine jobs that will be lost. God save our country.

AppleofGodseyeoriginal said...

Hmmmm, it is well

Anonymous said...

I hope this doesn't mean that people will lose their jobs

School Life said...

He said, “The Nigerian economy still provides a robust and premium return on investment"

Lies!!! He no dey provide anything.

Chikito The Professional Runs Girl said...

*sigh* Don't even know how to feel about this...

Beloved said...

Okay oh
Nice abi

Zitel Coconut oil Onitsha 08081725441 said...

Ok

Port Harcourt's Finest said...

Nigeria is not for sale oh.

Anonymous said...

Are they going to sack people?

Scarlett said...

Will they recruit? I no mind work for oil and gas sector and receive armed robber salary.

Bla bla bla said...

This doesn't sound good for those that work there.

Favourite Girl said...

Could someone pls explain what this means pls. Really I don't understand, is ExxonMobil no longer functioning?

Anonymous said...

What an outstanding display of stupidity and ignorance.

Anonymous said...

Economies in strife always provide the highest returns for those who know their way. School Life, u know nothing!

Loveme Jeje said...

such is life. Recession will not kill this country Amen

charitybino said...

Hope people will not lose their job Sha?

Eegor said...

Nigerians listen to reply and not understand lmaoooo @ anonymous

Linda Ada said...

My Boo's company. God Abeg o

Chikito The Professional Runs Girl said...

Better start looking at agriculture if you want to earn armed robber salary for long

I-cee Rachel said...

Lmfao, dumb ass mofo.

Anonymous said...

It means that all those filling stations called Mobil Oil will now be owned and run by NIPCO and they will still maintain their old name.

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