NNPCL not opposed to sale of NAOC’s shares to Oando
Nigerian National Petroleum Company Limited (NNPCL) said it has not raised any objection to the sale of Nigerian Agip Oil Company Limited (NAOC)’s shares to Oando Plc.
NNPCL regretted that a routine letter from its NNPC E&P Limited (NEPL) to its JV Partner, NAOC was misintepreted as opposition to the sale.
Chief Communication Officer, Nigerian National Petroleum Company Limited (NNPCL), Malam Garba Deen Muhammad, yesterday in Abuja, stated that the letter sent to the subsidiary did not in any way imply objection to the sale of NAOC’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.”
