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We Are Not Opposed To Sale Of NAOC’s Shares To Oando – NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has said that it has not objected to the sale of shares in Nigerian Agip Oil Company Limited (NAOC) to Oando Plc.

Chief Communication Officer, Nigerian National Petroleum Company Limited (NNPCL), Malam Garba Deen Muhammad, on Thursday stated that the letter sent to the subsidiary did not in any way imply objection to the sale of Nigerian Agip Oil Company Limited’s shares to Oando.

According to him, NEPL was only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC, and OOL; which might have been overlooked in error. Adherence to those clauses would protect the transaction, now and in the future.

“It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd is opposed to the sale of NAOC shares to Oando PLC. This is not correct.

“NNPC Ltd wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary.

“However, nowhere was opposition or objection to the transaction mentioned in the letter.

“NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC, and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future.”

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