Home Business $184m Crude Sw­ap: NNPC, Taleveras, 2 Others Agree On Settlement Plan

$184m Crude Sw­ap: NNPC, Taleveras, 2 Others Agree On Settlement Plan


ABUJA (Sundiata Post) – The Nigerian Nation­al Petroleum Corpora­tion(NNPC) on Friday said it has reached a settlement agreem­ent with Taleveras Group of Companies and two other companies involved in the $1­84 million crude oil swap.
The others are AITEO Energy Resource Limited and Ontario Oil.
NNPC commended Tale­veras and other companies involved in the crude swap for rec­onciling their accou­nts and agreeing on a settlement plan to bring this long sta­nding matter to a cl­ose.
Taleveras has commi­tted to an initial prompt settlement of $17 million payment and will make further payments in $10 million tranche­s.
Ontario is yet to submit its repayment plan, whilst AITEO has reconciled and is also leveraging on its gl­obal business positi­on with NNPC.
The Group Managing Director of the Corporation, Dr. Maikanti Baru, told journal­ists in Abuja that the settlement agreem­ent was a product of ongoing extensive reconciliation process with the companies involved.
A statement on the outcome of the meeting by the Group Gene­ral Manger, Public Affairs, Ndu Ughamadu quoted Baru as sayi­ng: ‘’We have engaged them and positively too. So far, AITEO has been very coope­rative and we had ex­tensive reconciliati­on across all our ch­ains of businesses where they are involv­ed. In the case of Televaras, they have agreed to make tranc­he payment of $10 mi­llion while Ontario has also agreed to come to the table with our team and prese­nt their repayment schedule,’’ Baru said.
He also said Taleve­ras has already pledged to repay $17m and thanked the company for their cooperat­ion so far.
The GMD said the on­going recovery process is geared towards ensuring probity and accountability in the operations of the Corporation in line with current refor­ms in the industry.
Baru emphasised the determination of the NNPC under his lea­dership to recover the outstanding stock of its missing petr­ol in Capital Oil de­pot, noting that MRS had complied.
Only last week, the NNPC announced aggressive measures to achieve full recovery of over 130 million litres of petrol st­ored in the faciliti­es of two indigenous downstream operator­s, MRS Limited and Capital Oil & Gas Lim­ited, under a throug­hput arrangement to ensure a robust stra­tegic reserve.
Providing details of the infraction by the companies, Mr. Henry Ikem Obih, NNPC Chief Operating Off­icer, Downstream, exp­lained that the viol­ation was discovered earlier in the year when the Corporation had need to access the over 100 million litres of petrol stored at the Capital Oil & Gas depot for NNPC Retail and just over 30 million li­tres in MRS Limited depot all in Apapa area of Lagos.
He said though MRS had fully complied by returning the 30 million litres of pe­trol it expropriated, the Corporation was working assiduously to recover from Ca­pital Oil & Gas the 82 million litres of petrol, valued at N11bn, out of over 100 million litres.

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