16 November 2015, Abuja – The federal government has granted approval for the importation of 1.5 million metric tonnes of petrol to 19 companies for the fourth quarter of 2015.
This is coming as the co-founder and chief executive officer of Geneva-based Mercuria Energy Group, Mr. Marco Dunand, met with President Muhammadu Buhari on November 11, during which he indicated interest in investing $1.5 billion in Nigeria’s downstream and upstream oil sector.
Details of the import allocations obtained by THISDAY from sources within the Petroleum Products Pricing Regulatory Agency (PPPRA) showed that MRS got the highest allocation of 200,000 metric tonnes, followed by Total Nigeria Plc which was allotted 120,000 metric tonnes, while NIPCO Plc and Forte Oil Plc were alloted 100,000 metric tonnes each.
Also while FEL was given an import allocation for 90,000 metric tonnes, Oando, Conoil, Rainoil, Blufin, Masters Energy, Sahara Energy and Swift Oil got 60,000 metric tonnes each.â€¨Matrix Energy was allotted 50,000 metric tonnes; AA RANO – 50,000 metric tonnes; Mobil Oil – 45,000 metric tonnes; Heyden Petroleum – 40,000 metric tonnes; Integrated – 40,000 metric tonnes; Shorelink – 30,000 metric tonnes and NEPAL – 15,000 metric tonnes.â€¨In a related development, Buhari met with Dunand, the CEO of one of the world’s largest integrated energy and commodities groups, Mercuria, to discuss securing Nigeria’s energy independence and delivering more benefits to the Nigerian people from the nation’s natural resources.
A statement by Mercuria, which was made available to THISDAY, said the two leaders during the meeting explored ways Nigeria could harness relationships and expertise around the world to improve the management of its crude oil production and maximise returns for the Nigerian people.
Dunand was said to have told Buhari that his company believes in Nigeria and would like to substantially increase its investments in the country particularly in the upstream and downstream sectors by up to an additional $1.5 billion.â€¨
He also told the president that Mercuria would like to establish a joint venture company with the Nigerian National Petroleum Corporation (NNPC) and its upstream arm, the Nigerian Petroleum Development Company (NPDC).â€¨In 2014, Mercuria completed the acquisition of the physical commodities trading unit of JP Morgan Chase & Co.
Also recently, Mercuria made inroads into the West African downstream oil sector by aligning with Forte Oil, Nigeria’s foremost integrated energy solutions provider with business interests in the downstream petroleum marketing and power generation sub-sectors, through the acquisition of 18 per cent equity in the entity.
Mercuria has a long and deep relationship with NNPC and has significant investments in Nigeria. The firm buys about 25 million barrels of Nigerian crude oil yearly.¨
Mercuria is also one of largest suppliers of refined petroleum products to Nigeria, with approximately two million metric tonnes sold per annum.â€¨The company supplies Nigerian marketers with approximately 600,000 tonnes of jet fuel and gasoil annually.â€¨Mercuria also delivered petroleum products to NNPC from 2007 to 2010.â€¨However, the company stopped supplying NNPC with refined products in 2010 because it was not part of the swap transaction under the last administration.
- This Day