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BusinessEnergy & OilNews

NNPC Takes Over Addax Petroleum Assets

Yusuf Abubakar
By Yusuf Abubakar
Published: January 31, 2023
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The Nigerian National Petroleum Company (NNPC) has officially taken over the assets of Addax Petroleum, a subsidiary of the state-owned Chinese firm, Sinopec.

The closing documents were signed on Tuesday, January 31, 2023, by the Group CEO of NNPC, Mele Kyari and the outgoing Managing Director of Addax, Yonghong Chen.

The signing marked the end of the 24-year Production Sharing Contract (PSC) between both oil firms.

The ceremony was witnessed by senior officials from both companies and representatives from the Nigerian government.

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BREAKING: @nnpclimited Takes Over #Addax Petroleum's PSC Assets

After fulfilling closing obligations, @nnpclimited and Addax Petroleum Development (Nigeria) Ltd today amicably terminated their 24-Year Production Sharing Contract (PSC) relationship. pic.twitter.com/VniYKAkqFU

— NNPC Limited (@nnpclimited) January 31, 2023
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TAGGED:Addax PetroleumNNPC
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ByYusuf Abubakar
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Yusuf Abubakar, Born in the mid-’90s, a recipient of various meritorious awards, a passionate entrepreneur, an advocate of good governance, a toast master and a patriotic Nigerian.
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