Connect with us

Business

Oando Refutes Allegations Of Stake In Maltese Blending Facility

Published

on

 

The management of Oando Plc has categorically denied holding any equity stakes in Maltese Oil Storage & Blending Facility, Ras Hansir Oil Terminal Limited.

Biztellers reports that the President of Dangote Group, Alh Aliko Dangote had alleged that some of his adversaries in the oil industry including regulators were insisting on importing refined products to accommodate their interests in a blending plant in Malta.

That was followed with lists on the new media indicating that some key figures in Oando Plc were also part of the set-up, holding top positions at the Maltese blending plant.

Consequently, Ondo took to its verified handle on micro-blogging site, X to deny any involving in, and in fact asserted that such a business entity was not in existence.

ALSO READ: BREAKING: Senator Sani Describes Dangote, NNPC Faceoff As Rofo-Rofo Fight

The statement issued on Friday in Lagos, was jointly signed by its Chief Compliance Officer & Company Secretary, Ayotola Jagun, and Head, Corporate Communications, Segun Obagbemi.

The statement reads, “Oando PLC’s Statement on Allegations of Owning Interests in Maltese Oil Storage & Blending Facility, Ras Hansir Oil Terminal Limited

“Our attention has been drawn to recent allegations on social and digital media, levelled against Oando PLC (‘Oando’ or ‘the Company’) of being a shareholder, and its Principals of being Board members, in a Maltese company, Raz Hansir Oil Terminal Limited that operates an oil storage and blending facility, and is purportedly responsible for importing adulterated petroleum products into Nigeria.

“Considering the above, we wish to refute such claims and attest that neither Oando PLC nor its Executives have ever held shares, investments, or interests in the fictitious Maltese company.

“As part of a comprehensive investigation into the basis of the false claims, we conducted a search of the Malta Business Registry, the official repository for all registered entities past and current within the country. Our search yielded no results for a company bearing that name. Subsequent due diligence efforts similarly failed to uncover any record of the company’s existence.

“We therefore believe that the false claims are of the malicious intent of misleading the public and our stakeholders.

“We want to reiterate that as a publicly listed company, any corporate actions, such as acquisitions, are declared publicly in accordance with applicable corporate governance Laws and Rules.

“Furthermore, it is imperative that information released about a publicly quoted company such as Oando, is thoroughly researched and deemed accurate before it is published in the public domain. The company’s securities are traded daily across two exchanges (NGX and JSE). To prevent misinformation and confusion among investors, as well as our other stakeholders, we implore all members of the Press to take adequate steps to ensure the veracity of reports by fielding all enquiries with Oando PLC’s Corporate Communications department.”

Business

Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

Published

on

Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

Continue Reading

Business

FHC Orders NUPRC to Comply with PIA

Published

on

Continue Reading

Business

Local Firms Lead Revival of Idle Oil Wells – SPE

Published

on

Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x