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July 11, 2022                                                       
 ISSUE 230

NEWS WITHIN OUR SHORES

Fuel scarcity may worsen as marketers threaten strike
By: Punch Newspaper

Oil marketers have yet to receive a response from the Federal Government as regards the outstanding payment of bridging claims incurred by dealers for the transportation of petroleum products across the country and might go ahead with their proposed strike after the Sallah break.

Members of the Independent Petroleum Marketers Association of Nigeria stated on Friday that they had prepared a communiqué to be issued, detailing their demands again, adding that failure of the government to meet the demands would result in the “mother of all queues.”

Also, marketers under the aegis of the Natural Oil and Gas Suppliers Association called on the Central Bank of Nigeria to make the United States dollar accessible for the imports of petroleum products, as this would help reduce the costs of the commodities, particularly diesel.


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Malabu Oil Scandal: Nigerian Government Lost Against JP Morgan, But Can Get Ex-Justice Minister, Adoke For Illegally Granting Tax, Other Benefits To Shell, Eni – Report

By: Sahara Newspaper


The Federal Republic of Nigeria (FRN) claimed damages of $875,740,000.03, in contract and tort, in respect of money paid out of a “Depository Account” by the JP Morgan Bank (JPMC). These payments were made in August 2011 (in the sum of c.$800m) and August 2013 (in the sum of c.$75m).

The Payments were made by JPMC to an entity called “Malabu”. This was in respect of an oil prospecting licence called “OPL 245”.

Nigeria’s case is that those sums were paid in furtherance of a fraudulent and corrupt scheme. The Nigerian government was, therefore, the victim of this scheme, Gbenga Oduntan and Akalemwa Ngenda, Coordinating Attorneys for World Anti-Corruption Research Network (WARN), Centre for Critical International Law, UNIKENT, said in a report on Sunday.


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OUR VISION

To deliver exemplary transshipment operations, procurement and charter services "on time" and "on budget" according to global safety and quality standards.

Oil/gas stakeholders set fresh agenda for NNPC in new PIA regime
By: Sun Newspaper

As President Muhammadu Buhari gets set to unveil the new Nigerian National Petroleum Company(NNPC) Limited, on Tuesday,July 19, 2022, stakeholders in the oil and gas sector have charged the new entity to ensure it delivers a global brand that can compete with the likes of Saudi’s Aramco and Petrobras of Brazil among others.

This is coming after the July 1 transition of NNPC Limited into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).

The NNPC’s transformation into a CAMA company follows the implementation of the Petroleum Industry Act.(PIA) which was signed into law by President Buhari on 16th August 2021, following its passage by the National Assembly in July of the same year.

Also, last September 21, the Corporate Affairs Commission (CAC) completed the incorporation of the NNPC Limited with registration number: RC — 1843987  in accordance with the provisions of the PIA 2021.


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Shell Threatens to Leave Nigeria Over ‘Major Issue’ FG Can’t Stop, Which Is Affecting Its Revenue Badly
By: Marine & Petroleum

Shell Petroleum Development Company of Nigeria Limited has raised an alarm that its revenue is under threat over the continuous theft of crude oil in Nigeria. According to Mr. Osagie Okunbor, the company’s managing director and country chair for Shell Companies in Nigeria, this has resulted in two of its major pipelines shutting, Businesspost reports.

Speaking at the just-concluded Nigeria Oil and Gas (NOG) Conference, he said oil theft was one of the reasons that Nigeria could not meet its quota of 1.8 million barrels a day instituted by the Organisation of the Petroleum Exporting Countries (OPEC) as it has recorded a constant drop in its production numbers.

Shell has operated for decades in Nigeria and, together with other oil majors, is selling onshore assets to focus on deep water drilling.

Okunbor said: “Two of our most important pipelines in this country today are shut down with hundreds of thousands of barrels a day shut-in.” He added that local companies which won licences to develop marginal fields would face challenges in transporting their crude once they start production.


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FOREIGN WATCH

Russian missile hits abandoned tanker
By: Ships & Ports

A Russian missile has hit a tanker that has been drifting in the Black Sea for over four months and had been carrying diesel, the Interfax-Ukraine news agency reported on Thursday, citing Ukraine’s military which called the ship an “ecological bomb.”

The Moldova-flagged tanker Millennial Spirit has now been struck twice since Russia invaded Ukraine on Feb. 24.

It was first hit with a missile fired from a warship days after the invasion. Moldova said at the time that the ship had a Russian crew and two were seriously wounded.

Ukraine’s southern military command said when the vessel was struck in February it had more than 500 tonnes of diesel on board and that since then it had been drifting without a crew.

“Probably the remainder of the cargo is burning,” the military said in a statement cited by Interfax-Ukraine saying the tanker had been hit for a second time.


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Italian oil giant to establish refinery in Port Harcourt
By: The Guardian Newspaper

Global oil and gas refining company, Messrs Marie Tecnimont Group, has said it will support Nigeria in unlocking greater values by processing its natural resources in the country.
It has also pledged to support in the development of the country’s circular economy, leveraging its global operation and expertise developed in the past decades.

This comes on the heels of the recent signing of an agreement with African Refinery Port Harcourt Limited (ARPHL) for the construction of a 100,000 barrels refinery to be located in Port Harcourt, Rivers State.
This announcement was contained in a statement released by the company at its headquarters in Italy.

The Chief Executive Officer, Alessandro Bernini, said: “We are really honoured to support Nigeria both in unlocking greater values by processing its natural resources and in developing a circular economy for the first time in the country, as Biojet is one of the most effective solutions to reduce the carbon footprint of the global aviation industry.

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