Recently, Total Nigeria Plc. confirmed that it would exit from Nigeria’s petroleum product imports, storage and retails sub-sector, and has concluded plans in the sales of his downstream businesses. According to report from New Telegraph, about 12 foreign and indigenous firms are in “hot race” for Total’s downstream assets.

According to New Telegraph, it was learnt that, their decision to sell off its downstream assets was due to the shrinking profit margins at the sub-sector.

However, last week Wednesday it was also reported that ExxonMobil, another multinational oil firm, had just completed the sale of its assets to NIPCO Plc.

Read more at New Telegraph

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