Oil
1.2 billion liters of Petrol: PPMC lied-Oil Marketers
LAGOS-The Major Oil Marketers Association of Nigeria (MOMAN) has faulted the claim by the Managing Director of the Pipelines and Products Marketing Company, Prince Haruna Momoh that it has a stock of 1.2 billion litres of petrol, saying such huge volume of products is equivalent to about 300 imported cargoes.
Gas Pump
The PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, had in a recent statement issued through the corporation announced that its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC), had 1.2 billion litres of petrol in stock.According to the statement, the figure translated to 31 days sufficiency, going by the 40 million litres daily consumption of the product in the country, adding that the Managing Director of PPMC, Mr Haruna Momoh, gave the assurance in Abuja.
The statement quoted Momoh as saying that “21 additional vessels laden with petroleum products are in offshore Lagos waiting to berth.
“NNPC has made adequate arrangements to ensure energy sufficiency in the country and reassured motorists that the noticeable queues at the filling stations would thin out in the days ahead”.
Momoh said that the NNPC also had 21 days sufficiency of Automotive Gas Oil (AGO) otherwise known as diesel and 18 days sufficiency of Dual Purpose Kerosene (DPK), otherwise known as kerosene.
He said that as part of efforts to ensure petroleum products’ sufficiency and distribution, the NNPC embarked on aggressive Reception Depots rehabilitation in 2011.
“As at today, 18 depots out of the 23 depots have been fully recovered with the exception of Makurdi, Yola and Maiduguri due to the activities of pipeline vandals,” he said.
But the Executive Secretary of MOMAN, Mr. Obafemi Olawore told newsmen that such volume of petrol is equivalent to about 300 imported vessels, adding that there was nowhere in the country where such products could be stored.
He noted that by saying that they have 1.2 billion litres in the country, the corporation is simply saying that they have approximately 300 ships loaded with petrol.
Olawore challenged the NNPC to disclose where the stock of 1.2 billion litres is stored, adding that if the corporation gives the products to the marketers, they will distribute it to Nigerians.
“You are talking about the NNPC; NNPC said they have 1.2 billion litres but anybody, who tells you that, you should ask him where the stock is. They should tell us where the stock is located. Remember that I told you that if they give it to us, we will distribute because we are not fighting the Nigerian public. What we are saying is that they should pay us our money. Because of the love we have for Nigeria, if the NNPC gives us products, we will distribute but I can tell you that 1.2 billion litres is about 8.9 million metric tonnes, which is equivalent to 298 ship load of petrol, because each vessel carries 30,000 metric tonnes,” he said.
Olawore stated that the petrol in circulation at the moment was the one imported by the NNPC, adding that because the volume is very small, many tankers are struggling and causing traffic congestion in Apapa.
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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