United States-based ExxonMobil has divested its 60 percent stake in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous Nigerian downstream oil and gas company.

Given the latest divestment, French energy major, Total, is the only international oil firm that is still operating in the downstream sector of the Nigerian oil and gas industry.

Nipco, in a statement on Wednesday, said the acquisition was agreed with the execution of a sales and purchase agreement with ExxonMobil.

Nipco Managing Director, Mr Venkataraman Venkatapathy, said, “With the signing, we will start the transition period and initiate the process of obtaining regulatory approvals from the requisite federal agencies – the Securities and Exchange Commission and the Nigerian Stock Exchange.”

The Nipco MD said, “Nipco wishes to express its profound gratitude and appreciation to ExxonMobil for selecting us as the preferred bidder for the acquisition of MON.

“We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset, we will ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence.”