July 1, 2015 [OPIS] - Vitol and private investment firm Helios Investment Partners will buy a 60% stake in Nigerian company Oando, which has a trading and supply company, 400 service stations and storage facilities.
Vitol said the business will become the region’s second-largest downstream fuels company in Nigeria, with a market share of 12%.
Retail assets include more than 400 service stations in Nigeria, Ghana and Togo as well as Oando’s 84,000 tons of storage capacity and a physical crude and oil product trading division called Oando Supply and Trading.
Oando Supply and Trading imports one cargo of jet A1 or dual-purpose kerosene per month from Libya and Egypt and the Arabian Gulf, according to information on the company’s website.
It also imports around 60,000 tons of diesel or gasoil per month.
Vitol and Helios Investment also have a joint venture, Vivo Energy, a company which distributes and markets Shell-branded fuels and lubricants in 16 countries across Africa.
The $276 million deal is for 60% of Oando’s financial rights and 51% of its voting rights and is subject to regulatory approval.
