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Nigerian Oil Corporation, NNPC Limited Takes Over Chinese Firm, Addax Petroleum

January 31, 2023

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

The Nigerian National Petroleum Company (NNPC) Limited on Tuesday, announced the taken over of Addax Petroleum’s production sharing contract (PSC) assets.

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

NNPC Limited, which disclosed this in a statement issued via its official Twitter handle, said that its Group Chief Executive Officer, (GCEO), Mele Kyari and Yonghong Chen, outgoing managing director (MD), Addax, signed the closing documents on behalf of the two parties.

The statement reads, "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.

"GCEO @nnpclimited Mallam @MKKyari and Mr. Yonghong Chen (Outgoing MD Addax) signed the closing documents at the #NNPCTowers on behalf of the two parties, to symbolise the amicable termination of the relationship."

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