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Oando Provides Clarifications on its Refinery Ambitions

Proshare

Wednesday, May 31, 2017 6:35 PM/Oando Plc

We refer to various newswire and print reports released this week on Oando PLC's refinery ambitions.

We wish to explicitly state that Oando shares the vision of the Nigerian Government to become a petroleum product self-sufficient country in the short to medium term and ultimately be a net exporter of such products.

Accordingly, pursuant to the Memorandum of Understanding (MOU) reached by the Federal Government and NAOC/ENI. Oando will partner with NAOC/ENI in the propose rehabilitation of the Port Harcourt Refinery (PHRC).

This will be based on a Repair, Operate and Maintain (ROM) agreement which will see PHRC's capacity grow from its current 30% to 100/°o, its name plate capacity of 210,000 BPSD.

In line with the concerted efforts of the Ministry of Petroleum Resources and the Nigeria National Petroleum Corporation (NNPC) to aggressively drive private sector led refineries rehabilitation and expansion programs Oando as local partners to NAOC/ENI will support the rehabilitation of PHRC's on activities of terminalling, logistics, structuring and funding. Active negotiations are ongoing and it is expected that a final agreement will be reached by end of July, 2017.

It is imperative that information released about a publicly quoted company such as Oando PLC, is thoroughly verified before it is put in the public domain. The company's securities are traded daily across two exchanges (NSE and JSE).

To prevent misinformation and confusion among shareholders, investors, employees, and the oil and gas sector at large, we implore all members of the Press, as the Fourth Estate, to take adequate steps to ensure the veracity of reports by fielding all enquiries with Oando PLC’s Corporate Communications department. 

 

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