Business
BREAKING: NNPC Takes Over Addax Petroleum’s PSC Assets
BREAKING: NNPC Takes Over Addax Petroleum’s PSC Assets
On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) announced that it has taken over assets from Addax Petroleum.
The move followed the termination of both organizations’ Production Sharing Contract (PSC) relationship.
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The NNPCL in a tweet said:
“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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