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LequteMan
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Nigeria - Energy Company Oando has agreed to sell a 60 percent stake in its downstream business to Vitol and Helios Investment Partners for $276 million.
Last year, Oando completed the acquisition of ConocoPhillips's upstream oil and gas business in Nigeria with the aim to shift away from being a marketer of refined petroleum products into an oil and gas explorer,
Its downstream business, with a market share of 12 percent in Nigeria, will be set up as an independent entity, but will retain the Oando brand, the company said in a statement on Tuesday. The consortium will acquire 51 percent of the voting rights.
Oando's downstream assets include more than 400 petrol stations in Nigeria and an interest in a bulk distribution company in Ghana, it said. Oando also has listings in Toronto and Johannesburg.
Last year, Oando completed the acquisition of ConocoPhillips's upstream oil and gas business in Nigeria with the aim to shift away from being a marketer of refined petroleum products into an oil and gas explorer,
Its downstream business, with a market share of 12 percent in Nigeria, will be set up as an independent entity, but will retain the Oando brand, the company said in a statement on Tuesday. The consortium will acquire 51 percent of the voting rights.
Oando's downstream assets include more than 400 petrol stations in Nigeria and an interest in a bulk distribution company in Ghana, it said. Oando also has listings in Toronto and Johannesburg.
