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ExxonMobil exits Nigeria’s downstream oil sector

20 October 2016, 14:14

Lagos - 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, Punch reports.

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, 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.

The Niger Delta Avengers had in June threatened to target ExxonMobil workers instead of blowing up its facilities according to News24.

- News 24

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