NNPC Takes Over Addax Petroleum Assets

The Nigerian National Petroleum Company (NNPC) Limited says it has taken over Addax Petroleum’s production sharing contract (PSC) assets.

Addax is owned by Sinopec, a state-owned Chinese firm.

Mele Kyari, group chief executive officer (GCEO), NNPC Limited, GCEO; and Yonghong Chen, outgoing managing director (MD), Addax, signed the closing documents on behalf of the two parties

In a tweet on Tuesday, NNPC said the documents were signed in Abuja, on January 31, 2023.

The signing ceremony marked the termination of the 24-year PSC relationship between both oil firms.