United States based international oil company, ExxonMobil, has taken off its downstream operations in Nigeria. This is following the acquisition of 60 percent equity at Mobil Oil Nigeria (MON) Plc, by Nigerian Independent Petroleum Company (NIPCO PLC), an indigenous downstream Oil and Gas Company.

“Has been informed by its majority shareholder, ExxonMobil Oil Corporation that it has agreed, subject to regulatory approvals, to sell its shares representing 60 per cent of Mobil Oil Nigeria’s shares to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc.” said management of Mobil Oil Nigeria Plc.

Therefore, Nigeria Independent Petroleum Company (NIPCO PLC) will directly or indirectly own 65.5 percent of the issued share capital of the leading downstream marketer. However, sources from the oil industry have attributed the development to the instability in the economy at large and the Nigerian oil industry in particular.

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