*Says companies lifted 8.8 million barrels of crude oil
Princewill Demian
22 December 2017, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation (NNPC) on Thursday said it had no dealings with companies without legal existence to lift and sell Nigeria’s crude oil grades.
In a statement signed by the Group General Manager, Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, the corporation said the companies were duly registered at the Corporate Affairs Commission with their registration numbers.
According to Ughmadu, the companies in question are not ghost companies.
Ughamadu stated that “Contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the companies in their appropriate registered corporate existence.
“AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd and Sahara Energy Resources Ltd. are not ghost companies.
“Furthermore, the companies collectively lifted a total of 8.8 million barrels of crude oil valued at 436.35 million dollars as at 30th October 2017 contrary to the claim that 67.2 million barrels were lifted.
“The corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.
“The lifting by the seven companies and all other off-takers are bound by these requirements,” Ughamadu said.
See the full statement below:
COMPANIES LIFT 8.8 MILLION BARRELS OF CRUDE OIL
The attention of the Nigerian National Petroleum Corporation (NNPC) has been drawn to a story in a national weekly alleging that the following Companies: AMG Petroenergy Limited, Brittania-U, Cassiva Energy, Hyde Energy, Masters Energy, Bono Energy Ltd, and Sahara are Ghost Companies and have lifted a total of about 67.2Million Barrels of Nigerian Crude oil valued at about $3.5 billion between January-October 2017 from NNPC.
Contrary to the assertions, NNPC duly entered into the 2017/2018 crude oil term contracts with the Companies in their appropriate registered corporate names as follows:
S/NO COMPANY NAME AS PER CONTRACT CAC REG NO
AMG Petroenergy Limited 1914302; Brittania-U Nigeria Ltd 2844813; Cassiva Ltd 10915984
Hyde Energy Ltd 10513325; Masters Energy Oil & Gas Ltd 6168726; Bono Energy Ltd 6098227; and Sahara Energy Resources Ltd 318527.
Furthermore, the Companies collectively lifted a total of 8.8 million barrels of crude oil valued at $436.35 Million as at 30th October 2017 contrary to the claim that 67.2 million barrels were lifted.
The above clarifications demonstrate that the allegations are not only baseless but intended to mislead the public while disparaging the Corporation.
The Corporation wishes to place on record that all crude oil lifting transactions are backed by irrevocable letters of credit issued by investment grade banks and, therefore, all payments are pre-secured.
The liftings by the Seven (7) companies and all other off-takers are bound by these requirements.
NNPC remains open to media that wish to cross-check their facts to avoid misrepresentation as in the case being referenced.
