What does OANDO mean in Companies & Firms?

Oando

Oando PLC is an African indigenous energy company operating in the upstream, midstream and downstream.With a primary listing on the Nigerian Stock Exchange, Oando is the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange.In 2014, it concluded the acquisition of ConocoPhillips’ Nigerian business through its upstream subsidiary, Oando Energy Resources, making it the country’s largest indigenous oil and gas producer at the time.In July 2016, Oando entered into a tri-partite agreement with the Vitol Group, an independent trader of energy commodities and Helios Investment Partner, an Africa-focused private investment firm to form OVH (formerly known as Oando Downstream). The new company, (with its name formed from the initials of Oando, Vitol Group and Helios) is one of Nigeria's biggest suppliers and distributors of refined petroleum products.In September 2016, Oando announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited.Oando is Nigeria's largest indigenous oil and gas company with a production output of 43,000 boepd, enterprise value of N520 billion and market capitalisation value of N115.1 billion.

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