Home » OIL » Oando Moves Again to Acquire Port Harcourt Refinery with $5 Billion

Oando Moves Again to Acquire Port Harcourt Refinery with $5 Billion

There are strong indications that the coast is now clear for Oando Plc to buy into Port Harcourt Refinery with over $5 billion as the company makes another move to negotiation with the federal government and complete the deal this time around.

It can be recalled that between 2014 and 2015 Oando made similar move to take over the refinery but was rebuffed by the federal government then. This time Oando said that all the bottle-necks associated with buy into the refinery has been cleared and tremendous progress has been made with the government to rap-up the deal as soon as possible.

However, Financial Energy Review learnt that Oando may only be working with an off-shore investor who will have substantial equity in the deal.  Furthermore, it is said that Oando  may not have anything to do with the operation of the refinery when the  deal is concluded  but a  foreign investor  may be the one operating the refinery.

At the on-going Energy Institute annual conference in Lagos,  Mr. Ademola Ogunbanjo, Strategy Consultantto Oando Plc said that instead of Oando spending $5 billion to build a new refinery the company will rather invest and revamp a dilapidating facility that that can serve the country and provide job for the youth rather than allowing such facility to rot away.  

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