NNPC not Against Sale of Share of Agip to Oando
The Nigerian National Petroleum Company Ltd (NNPCL) has said it is not opposed to the sale of NAOC shares to Oando Plc.
NNPCL stated this through its Chief Corporate Communication Officer (CCCO), Garba Deen Mohammad, according to him ‘ it has come to its notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partners, 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.
Thus, 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.
