ACORN PETROLEUM PLC ACQUIRES PEGAZ OF BENIN REPUBLIC

As part of its expansion agenda, Acorn Petroleum Plc has entered into an agreement to acquire 90 percent of the Pegaz Group S.A. of Benin Republic.

Acorn Petroleum is among Nigeria’s fast growing Oil and Gas Company while Pegaz Group is a holding company involved in storage and distribution of petroleum products and logistic services in Benin Republic.

Acorn Petroleum’s head of strategy and business development, Mr. Wande Akinpelu said at the weekend that the acquisition would further enhance Acorn’s capacity to become a leading company in the oil and gas industry and create value for its shareholders.

According to him, the acquisition will reposition Acorn Petroleum’s marketing division, adding that it would add 20 retail outlets in the Pegaz fleet, as well as, have access to additional storage capacity in Benin Republic, thereby giving the company a foothold in the Francophone West African market.

He said, “the addition of Pegaz Group will allow Acorn to diversify its revenue and risk profile while providing platform for entry into the West African downstream market. As you know, Acorn seeks to substantially expand its business across the oil and gas value chain and this acquisition marks the commencement of the company’s growth strategy”.

Since its re-structuring and turn around exercise last year, Acorn Petroleum has been growing at a very fast pace.