The Nigerian National Petroleum Company (NNPC) has officially taken over the assets of Addax Petroleum, a subsidiary of the state-owned Chinese firm, Sinopec.
The closing documents were signed on Tuesday, January 31, 2023, by the Group CEO of NNPC, Mele Kyari and the outgoing Managing Director of Addax, Yonghong Chen.
The signing marked the end of the 24-year Production Sharing Contract (PSC) between both oil firms.
The ceremony was witnessed by senior officials from both companies and representatives from the Nigerian government.
