Apr 04, · International oil companies (IOCs) have agreed to collaborate with the Central Bank to provide forex to marketers for the importation of petrol. A Chief Operating Officer of the downstream sector at the Nigerian National Petroleum Corporation (NNPC), Mr Ikem Obih, made this known over the weekend. Mr Obih said that some Apr 04, · The Nigerian National Petroleum Corporation, NNPC, on Sunday, April 3, revealed that a number of international oil companies, IOCs, in the upstream oil and gas sector have agreed to provide foreign exchange for oil marketing companies for the importation of premium motor spirit, also known as petrol. Chief Operations Officer, in charge of Downstream at the NNPC, Henry Ikem-Obih, who spoke On why International Oil Companies (IOCs) were selling forex to marketers directly, Minister of State for Petroleum Resources,, Ibe Kachikwu told the committee that there was arrangement made to
"International Oil Companies Agree To Sell Forex to Oil Marketers" - NNPC | blogger.com
When in April the Nigerian National Petroleum Corporation NNPC announced plans to make forex available to fuel importers through a support scheme from some International Oil Companies IOCsmany heaved a sigh of relief, believing that the initiative would help address the twin challenge of scarce forex and the high cost of sourcing it.
But four months after the initiative, the situation is not getting any better. The effect of the intervention has not really impacted on iocs to support marketers with forex operations as a lot of money denominated in naira is still in their bank accounts waiting to be converted to dollars, without much success recorded in this regard. The Executive Secretary of Major Oil Marketers Association of Nigeria MOMANMr. According to the Executive Secretary of Depot and Petroleum Products Marketers Association DAPPMAMr.
The Chief Operations Officer in charge of Downstream at the NNPC, Mr. Henry Ikem-Obih, had, during a tour of petrol stations in Abuja in April, disclosed that a number of IOCs in the upstream oil and gas sector have agreed to provide foreign exchange for oil marketing companies for the importation of premium motor spirit also known as petrol. Ikem- Obih had identified paucity of foreign exchange forex as one of the major reasons for the scarcity witnessed across the country, stating that with the decision of upstream oil and gas companies to provide foreign exchange to oil marketers, there would be significant improvement in the second quarter and beyond.
Forex was one of the prime reason the downstream sector did iocs to support marketers with forex do well in the first quarter, iocs to support marketers with forex. Most marketers, iocs to support marketers with forex, who had allocation could not import because they did not have forex.
The Minister worked very closely through his initiative with the upstream oil companies. So, the sector has a number of them on board to support local entities.
They could help provide foreign exchange for them to import and meet their Petroleum Products Pricing Regulatory Agency PPPRA allocations, though the CBN, NNPC would support importation of fuel in the second quarter. Last month, Shell shut the Trans Niger pipeline, which is one of the pipelines that carry crude to the Bonny Light Export Terminal, following a leak in Ogoniland.
Global oil giant, Royal Dutch Shell, iocs to support marketers with forex, had said its liquids production available for sale in Nigeria plunged by 41 per cent in the second quarter of this year.
Shell equally announced a 72 per cent drop in second quarter earnings amid the continued weakness in global oil and gas prices.
Currently, Forcados, Qua Iboe and Brass River crude oil grades are under force majeure, while Escravos and Bonny Light are facing significant loading delays. Already, total production by Shell Petroleum Development Company of Nigeria Limited, its local subsidiary, stood atbarrels of oil equivalent per day, down frombpd in the same quarter of last year. The Director General, Lagos Chamber of Commerce and Industry LCCIMr. Muda Yusuf, said that as long as onslaught to oil and gas assets by agitators continue unabated, revenue projections of the IOCs will continue to dip, thereby making it difficult for them to fulfill their promises to fuel marketers in order to ease the forex challenges.
But when your own business is at risk that would be the least thing on your mind. You have to first device a strategy to get out of the logjam before thinking on how to provide help for others. According to him, the insecurity situation in the Niger Delta region is seriously impacting on their operations because a lot of them are producing far below their projections.
On his part, the Director, Centre for Petroleum Economics, University of Ibadan, Prof. The economic sense is just not there. Once there is a huge margin between the interbank rate and the parallel market, what you have simply done is the creation of a distorted market because an incentive has already been created for speculators to take advantage of. Head of Energy, Ecobank Transnational Corporation, Mr, iocs to support marketers with forex.
Dolapo Oni, said only 18 per cent of the forex demand of fuel marketers was made available to them by the CBN, hence the challenge iocs to support marketers with forex liquidity squeeze.
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Apr 04, · International oil companies (IOCs) have agreed to collaborate with the Central Bank to provide forex to marketers for the importation of petrol. A Chief Operating Officer of the downstream sector at the Nigerian National Petroleum Corporation (NNPC), Mr Ikem Obih, made this known over the weekend. Mr Obih said that some Apr 04, · The Nigerian National Petroleum Corporation, NNPC, on Sunday, April 3, revealed that a number of international oil companies, IOCs, in the upstream oil and gas sector have agreed to provide foreign exchange for oil marketing companies for the importation of premium motor spirit, also known as petrol. Chief Operations Officer, in charge of Downstream at the NNPC, Henry Ikem-Obih, who spoke Apr 04, · Fuel crisis: IOCs agree to sell forex to oil marketers — NNPC. April 4, So, we have a number of them on board to support local entities, that is, downstream companies
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