30-06-2015
Helios and Vitol to acquire Oando’s downstream businesses
A consortium comprising Helios Investment Partners and The Vitol Group today announced it has reached an agreement to acquire 60 per cent of the economic rights and 51 per cent of the voting rights in the West African downstream business of Oando Plc, an integrated oil and gas company headquartered in Nigeria, for a sum of circa US$276 million, subject to the receipt of regulatory approvals and customary purchase price adjustments, including working capital.
The new downstream and retail business will be established as a standalone, independent company, led by a local management team. Its assets will comprise over 400 service stations in Nigeria with supporting infrastructure, including 84,000 tonnes of storage and a newly built inbound logistics jetty; as well as complementary businesses, chiefly LPG filling and distribution, lubricants and an interest in a supply and bulk distribution company in Ghana. The new business will be the second largest downstream fuels company in Nigeria, with a market share of 12 per cent. The Consortium is committed to investing for growth, and working with the experienced and highly skilled local management team to enable the business to capitalise on the 3-5 per cent per annum growth in Nigerian demand for oil products. It is anticipated that the service stations will retain the Oando brand.
Ian Taylor, President and CEO, Vitol said; “Vitol has a long history of working in Nigeria and is proud to have served our customers here over many years. This investment is a further reflection of our confidence in the Nigerian economy, and will be independent of the services we provide to our long standing Nigerian customers. We are looking forward to building this new downstream business, alongside our many other business activities in Nigeria.”
Tope Lawani, co-founder and Managing Partner of Helios Investment Partners, said; “This is a market leading downstream energy business with a strong brand and exciting growth potential. Given our successful partnership with Vitol to create Vivo Energy, a leading downstream business which distributes and markets Shell-branded fuels and lubricants in 16 countries across Africa, we are confident that our expertise and regional presence will support the management team in capitalising on its strong market position and the compelling growth opportunities in Nigeria.”
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024
-
Radix partners with Cleopatra Enterprise to enhance project controls and turnaround management
Radix, a global technology solutions company, announced the signing of a partnership agreement with Cleopatra Enterprise, a leading project cost management software company. ...
16-04-2024
-
Rhône Energies in talks to buy Fos-sur-Mer refinery
Rhône Energies, a consortium of Entara LLC and Trafigura Pte Ltd, has entered into exclusive negotiations to acquire the Fos-sur-Mer refinery and the Toulouse and Villette ...
14-04-2024
-
Cenovus Energy to invest in Toledo and Lima refineries
Canada's Cenovus Energy said it will spend more than $1.5 billion on its 160,000 b/d Toledo and 185,000 b/d Lima refineries in Ohio over the next five years and expand ...
11-04-2024
-
Kent plays integral role in Fawley petrochemical complex
Kent, a leading global engineering and project management company, is proud to announce its significant involvement in ExxonMobil's £800m investment in its Fawley Petrochemical ...
11-04-2024