AP PLC AND ZENON PETROLEUM AND GAS TO MERGE
Posted on February 20, 2008 – 3:04 pm | by oilandgaspress.com
The biggest company in the downstream sector of the Nigerian oil and gas sector is set to emerge when the proposed merger of Zenon Petroleum and Gas and African Petroleum Plc is consummated. COO, Mr. Tunde Falasinnu announced this at the second Management/Staff forum held on 24 January 2008 at AP House, Broad Street and the NOC Building, Apapa, Lagos.
Zenon with over N340 billion annual turnover, and AP Plc with a projected turnover of N200 billion in year 2008 would create a company with over N500 billion annual turnover, the highest priced stock in the petroleum marketing companies quoted on the Nigerian Stock Exchange and over 500 petroleum products retail outlets spread through the nation. Experts are of the opinion that the downstream sector of the Nigerian oil and gas industry would witness a unique transformation with the merger of the two oil giants.
With unequalled market confidence in Femi Otedola’s managerial talent; the experience of Mr. Tunde Falasinnu, the Chief Operating Officer, and the industry of the resilient and innovative members of management and staff, the new AP set to emerge from the merger is sure to be a world class petroleum product marketing company.
source: www.applcng.com
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