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November 7, 2022                                                       
 ISSUE 246

NEWS WITHIN OUR SHORES

Ministry develops framework on oil, gas pipeline assets concession
By: Guardian Newspaper

The Ministry of Petroleum Resources says it has developed a framework for the concessioning of oil and gas pipeline assets.

This was disclosed by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, at a workshop in Abuja.

According to a statement by Mrs Enefaa Bob-Manuel, Director (Information) of the ministry, on Thursday, the Permanent Secretary was represented by the Director, Midstream, Ministry of Petroleum Resources, Mr Felix Okeke.

Aduda said that the role of pipelines in fluid transport could not be overemphasised.

He said that the desire of the government was to allow for private sector participation in the pipeline segment of the petroleum industry.

He craved for a partnership to bridge the infrastructural gap in the segment, especially as the country has adopted gas as her transition fuel and its centrality as a source of energy.

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GLENCORE FINED $313M FOR BRIBING NNPC OFFICIALS, OTHERS IN OIL CONTRACTS DEALS
By: Point Blank News

A British court yesterday ordered commodities company, Glencore, to pay more than $313 million for using bribes to bolster its oil profits in Nigeria and four other African countries.

The order came months after the Anglo-Swiss company announced it had reached deals with authorities in the United States., Britain and Brazil to resolve corruption allegations.
But the court had rejected Nigeria’s bid to claim compensation from the British subsidiary of mining and trading group over the bribes paid to officials at Nigeria’s state oil company.
The court ruled that Nigeria did not have the right to be heard, as only the prosecution and the defence could make arguments at a sentencing hearing.

Nigeria had argued in its written arguments that it was “an identifiable victim of Glencore’s admitted criminal activity”, as two of the charges to which Glencore Energy had pleaded guilty relate to payments made to Nigerian National Petroleum Company (NNPC) officials.

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NPA Inaugurates First Export Terminal In Lagos
By: The Tide Newspaper

Management of the Nigerian Ports Authority (NPA) has inaugurated first Nigeria’s export processing terminal, code-named Diamond Star Export Processing Terminal situated at Lilypond in Ijora, Lagos.

The Diamond Terminal would ensure speedy and seamless processing of exported cargoes, accessing Apapa and Tin-Can Island Ports in Lagos.

It would also serve as a pre-gate from where export goods would move directly into the port.

Speaking at the inauguration, Managing Director, NPA, Mr Mohammed Bello Koko, noted that the terminal would help to reduce wastage.

He said it would also reduce the rejection of Nigerian export goods and the time wasted before exports gained access to the ports.

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China Harbour Engineering announces completion of Lekki deep seaport
By: Tosin Aribisala

China Harbour Engineering LFTZ Enterprise (CHELE) on Monday announced the completion of Lekki deep seaport.

CHELE, which is a subsidiary of China Habour Engineering Company Limited, during the completion ceremony also handed over the port to the Lekki Free Port Terminal.

Speaking at the commemoration, Lagos State Governor, Babajide Sanwo-Olu applauded the project and it’s speedy completion while noting that the port will create up 200,000 direct and indirect jobs.

“Like I said, the benefit to us in this project and the benefit to our citizens can be left better imagined. Providing jobs to close to 200, 000 jobs for both direct and indirect jobs in the next couple of months and years ahead in addition to adding tens of billions in dollars revenue to our country, state and host community is laudable.

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FOREIGN WATCH

Increasing risk of tanker accidents from growing ‘dark fleet’
By: Marcus Hand

"There is concern over an increased risk of tanker accidents from a growing ‘dark fleet’ involved in sanctions busting following two recent incidents".

Brokers Poten highlighted the risk in its weekly report with the dark or shadow fleet expected to grow substantially when the EU import and G7 price cap for Russian oil are implemented. The illicit trades generally involves older vessels, that would otherwise be recycled, with the bare minimum of repairs or maintenance.

The trades though for less reputable owners willing to take the risk are extremely lucrative and Poten noted that estimates from knowledgeable observers suggest that shipping rates for Venezuelan or Iranian barrels can be two or three times the market rate for legitimate voyages.

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No More UK Insurance Cover for Ships Carrying Russian Oil
By:  Raghib Raza
British Insurers are forbidden by the UK Treasury to provide insurance coverage to ships carrying Russian oil cargoes from December 5th, 2022.

This also means that ships registered in European state or carrying P&I insurance from an EU or UK-based entity can no longer carry crude oil that originated in Russia. The one caveat for carrying oil of Russian origin is that the oil must have been sold to the buyer at or below a price set by G7 members and Australia. The US is also expected to echo the move and join the insurance ban shortly. If this happens, almost 90% of insurers globally will shun Russian-linked crude oil tankers.
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