Helios and Vitol exit OVH Energy
OVH Energy BV, a joint venture between Vitol and Helios, has completed the sale of its 100% share in OVH Energy Marketing Limited and ASPM Limited to Nueoil Energy Limited, a local Nigerian company. OVH Energy Marketing Limited and ASPM Limited are now wholly owned by Nueoil Energy Limited, marking OVH Energy BV’s exit from Nigeria.
The Nigerian National Petroleum Company (NNPC) Ltd has acquired the downstream assets of OVH Energy, the second largest downstream company with over 380 retail stations across Africa’s biggest economy.
The acquisition, which is under our Accelerated Network Expansion (ANEX) Initiative, will bring over 380 additional filling stations under the NNPC’s retail brand in Nigeria and Togo on our journey to attaining 1,500 stations.
Other assets in the transaction include a reception jetty (ASPM) with 240,000MT monthly capacity, eight Liquefied Petroleum Gas (LPG) Plants, three lubes blending plants, three aviation depots and 12 warehouses.
Huub Stokman, CEO of OVH said the acquisition by NNPC comes at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws, 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.
