Corlay Global S.A. Takes over Chevron Texaco Nigeria
Posted on September 22, 2008 – 2:16 pm | by oilandgaspress.com
M.R.S. Holdings Ltd and Petroci Holdings, through their common subsidiary, Corlay Global S.A., have agreed to buy Chevron Nigeria Holdings Limited after a highly competitive bidding that lasted several months.
Chevron Nigeria Holdings Limited is a Bermuda company that holds 60 per cent equity of Chevron Oil Nigeria Plc, the owner of downstream marketing assets in Nigeria.
A statement yesterday by the Executive Director, External Affairs, Musa Yahaya, said the transaction was expected to close, following the receipt of any necessary Bermuda regulatory approvals.
He said the acquisition would put the Group in controlling position of over 400 gas stations in Nigeria currently under the Texaco brand.
Yahaya said with the capacity to pump out well over 16 million litres per day and a storage capacity of well over 700,000 metric tonnes between land and sea of various petroleum products, the Group’s leading role in the downstream business was indisputable.
“The recently implemented performance-based management system is aimed at positioning the company as a world class downstream business organisation.
“Additionally, the system will ensure that all diligent, hardworking, result-oriented and loyal staff of the company and the union will be integrated fully with the view to enhancing upon the existing relationship.
“The Group shall continue to invest in the downstream markets with the view to enhancing the general wellbeing of its customers in Nigeria and the West African region.
“The acquisition moved the Group into the leading position among all major downstream operators in West Africa. This is a landmark achievement in the history of all acquisitions in the downstream business in the country,” he said.
Commenting on the feat, the Chief Executive Officer of M.R.S. Holdings, Sayyu Dantata, said: “We are very pleased to acquire Chevron Nigeria Holdings and this demonstrates further our vision in investing into the future of the downstream oil business in West Africa and its attendant enormous benefits to our dear country.
“The quantum of funds committed to this deal, in addition to our recent investments in the floating storage facilities which have a combined capacity of over 400,000 metric tonnes is the first of its kind in the downstream business in West Africa.”
M.R.S. Group is one of the Nigeria’s leading integrated marketing, distribution, shipping, international trading and logistics company.
Chevron Corporation had last Friday announced that its subsidiary, Chevron Africa Holdings Limited, had agreed to sell Chevron Nigeria Holdings Limited to Corlay Global S.A, a Panamanian company owned by an African-based consortium, comprising MRS Holdings Limited and Petroci Holdings.
Chevron, however, affirmed that its upstream operations in Nigeria would not be affected by the sale.
source: thisdayonline
Tags: Chevron Texaco, Corlay Global S.A., NIGERIA
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