NNPC Ltd not against sale of shares of Agip Oil to Oando — Muhammad

The Nigerian National Petroleum Company Ltd (NNPCL) says it is not opposed to the sale of the Nigerian Agip Oil Company Limited (NAOC) shares to Oando Plc.

NNPCL said in a statement on Thursday that the report in some quarters that it is against the sale is far from the truth.

“This is not correct,” Garba Deen Muhammad, the Chief Corporate Communications Officer, said in a statement given to Persecondnews on Thursday in Abuja.

“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,” the NNPC spokesman said.