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Thursday, October 20, 2016

EXXONMOBIL SELLS STAKE IN MOBIL, QUITS DOWNSTREAM OIL SECTOR

ExxonMobil has sold its 60 per cent stake in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous Nigerian downstream oil and gas company.


This was revealed in a statement by Venkataraman Venkatapathy, Managing Director, Nipco, declaring that the acquisition was agreed with the execution of a sales and purchase agreement with United States-based ExxonMobil.

He however added that Nipco would maintain the Mobil brand name in its retail outlets as well as sell the Mobil brand of lubricants under branding licence(s) from ExxonMobil.

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