Nipco acquires stake in Nigerian fuel retailer
Nigerian fuel distributor Nipco Plc has increased its share in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, by 3.23% for 4.84 billion naira ($16 million), reports Reuters.
The acquisition brings Nipco´s total ownership of 11 Plc to 70%. The former Mobil Oil company operates more than 200 petrol stations, owns three plants that manufacture lubricants, petroleum jelly and insecticides.
Last October, Nipco's investment subsidiary purchased 60% of Mobil Oil Nigeria from Exxon Mobil Corp., when the U.S. giant pulled out of downstream fuel distribution in Nigeria.
Nigeria exports nearly 2 million barrels of oil a day but imports the bulk of its refined products because its refining capacity is unable to meet the country's daily fuel needs of 40 million litres.
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