By DAMILARE ADELEYE
The Nigerian National Petroleum Company Limited (NNPCL) has debunked speculation that it was against the sale of the Nigerian Agip Oil Company Limited (NAOC) shares to Oando PLC.
According to a statement issued on Thursday, Garba Deen Muhammad, Chief Corporate Communications Officer for NNPCL, said the public interpretation is not correct.
Though confirming the authenticity of its letter written to NAOC over the sale of shares, NNPC Ltd, however, said there was nowhere opposition or objection to the transaction was mentioned in the letter.
NNPCL clarified that it was only raising concerns to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL.
The statement read, “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC. This is not correct.
“NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary.
“However, nowhere was opposition or objection to the transaction mentioned in the letter. NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future.”