Categories: NEWS

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

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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.

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