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.
1. OANDO Declares N1.71bn Profit in Q1 2017 Results,(SP:N5.80k)
2. OANDO Plc Announces Closed Period
3. OANDO Declares N3.49bn Profit for the year 2016,(SP:N4.94k)
4. OANDO Plc Announces a Delay to the Publishing of Year Ended 31 December 2016 Results
5. Oando Plc - Some Improvement in Q3’16 Financials
6. Oando Plc Posts N330 Billion Top Line Revenue in YTD September 2016 Results
7. OANDO Declares N54.35bn Loss in Q3'16 Results,(SP:N5.20k)
8. Oando Plc Announces H1 2016 Results Posts N212 Billion Top Line Revenue
9. OANDO Declares N44.57bn Loss in Q2'16 Results,(SP:N5.07k)
10. Oando Plc to Report Materially Lower Earnings for Q2 2016 Due to the Impact of Naira Devaluation
11. Oando Plc Key Highlights on Q4 15 and Q1 16
12. OANDO Concludes Recapitalization Partial Divestment of Equity Stake in Its Downstream Operations
13. Material Uncertainty May Cast Doubt on Oando’s Ability to Continue as a Going Concern – Ernst & Young
14. OANDO Releases Q4 15 and Q1 16 Results Declares N4.10bn PAT in Q1 SP N6.50k
15. Oando Plc Secures 5 Year N94.6 Billion Medium Term Facility with 10 Nigerian Banks
16. Oando explains what Deregulation of Petrol Price means for its Downstream Operations
17. Why Oando Plc's 2015 Audited Statements will be released on May 31, 2016
18. OANDO to acquire OER Minority Shares for a Consideration of US 1.20 per share in Cash