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Nigeria: AP, Pengassan Sign Pact Over Chevron's Equity Shares
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Vanguard (Lagos)
11 July 2008
Posted to the web 11 July 2008
Yemie Adeoye
FOLLOWING the exclusion of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) by BN PARIBAS, the consultants handling the planned sale of 60 percent equity interest of Chevron Corporation in Chevron Oil Nigeria Plc, the union has announced a fresh pact with African Petroleum (AP) Plc to enable it become part owners of the company if the AP bid sails through.
Confirming the development, President of the union, Mr. Babatunde Ogun, who spoke with Vanguard over the telephone yesterday said it had become imperative for the union to go into a strategic alliance with AP in view of the way the company has been running its business.
In view of this, the union has signed a pact to own 10 percent of the 60 percent equity bid from AP. "We have always believe in African Petroleum because of the strategic way they have been running their business, we also take into consideration their mass oriented sales of kerosene at N50.00 per litre, while others are busy exploiting Nigerians.
"Although we hope to still acquire more as we were hoping to get about twenty per cent. But since they have offered us ten per cent of the company's equity we are determined to start from there. "We are supporting the AP both at the local and national level to ensure that the bid succeeds.
I mean, look at the way the management turned around the fortunes of AP withing a short while, so it is for this reason and more that the workers union decide to go into a strategic alliance with the company in an effort to emerge winner at the bid rounds.
"PENGASSAN believes AP is the most viable bidder and even the workers of the company prefer AP. Besides they are the only ones looking into refining in the downstream sector and that is the way we want to go."
PENGASSAN had in a recent statement by its General Secretary, Comrade Bayo Olowoshile, noted that it is imperative that the State Security Services and Economic Intelligence Units be well briefed and put on the alert about the association's position as it is set to challenge and contest any attempt to deviate from the right direction on this deal.
The statement read in part: " We also wish to let you know that our Association (PENGASSAN) is currently engaging the management of Chevron Oil Nig. Plc on labour related issues and attendant separation benefits that would be paid to the employees to be affected in the ownership transition process in the light of the ongoing divestment bid.
"The Association wants to ensure that appropriate terminal benefits are paid to the staff that chooses to leave the company while it will equally assist the emerging company and staff that would be willing to offer their services to secure appropriate terms and conditions under the new management after the transition.
"The Association holds on to her confidence on the transaction process that the consultants will maintain fair play to the end of the bidding process.
We are prepared to team up with the eventual winner of the bid as a core investor of the Chevron Oil Nig. Plc and also made through the eventual winner our interest in Equity participation and management of the company.
"NUPENG and PENGASSAN as strategic participants and insiders feel blessed and highly impressed that Nigerian enterprises have demystified the perceived fears and associated risks in the downstream Oil and Gas Sector.
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We note with enthusiasm that Nigerian entrepreneurs have broken the jinx that has for long been scaring them from the downstream Oil and Gas sector that have since been fully dominated by foreign firms despite the Indigenisation Acts and Nigerian Enterprise Promotion Acts in the 70s."
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