NewsExpress advert Yudala banner
Baru secures $2bn contract discounts for NNPC, recovers over $30mn trapped in Swiss Bank account

By News Express on 11/10/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,508

•NNPC GMD, Dr. Maikanti Baru
•NNPC GMD, Dr. Maikanti Baru

Nigeria National Petroleum Corporation (NNPC) Group Managing Director (GMD), Dr. Maikanti Baru, has reaffirmed his commitment to consolidate the NNPC group, especially its trading arm for efficiency and profitability.

A top aide to the NNPC boss disclosed this on Tuesday. He also disclosed that since assuming duty, Dr. Baru has secured about $2 billion discounts in the last one year from renegotiated upstream contracts being executed by its various service providers as well as focus on utilising local content in the execution of the Corporation’s contracts.

The aide, who spoke on the condition of anonymity, said that despite the attempt by the Minister of State, Petroleum Resources Dr. Ibe Kachikwu, to cause distraction for Baru, the NNPC boss would continue to focus on delivering the mandate given to him by President Muhammad Buhari to reposition the petroleum sector.

He harped on the progress being made by Dr. Baru in changing the fortunes of NNPC trading company, Duke Oil, to a profitable venture, as well as other NNPC subsidiaries such as Nigeria Petroleum Development Company (NPDC); Integrated Data Services Limited; and NNPC Retail company. 

“The whole idea of Dr. Baru is to empower all these NNPC subsidiaries. He is of the view that if all these companies are empowered, NNPC will be able to make enough money for the Federal Government to build infrastructure for Nigerians,” the aide said.

Investigations revealed that through the effort of the management of Duke Oil, under the leadership of Dr. Baru, the company was able to secure the release of over $30 million trapped in a Swiss Bank PNB Paribas, following suspicion of unidentified transactions in the past.

It was gathered that the recovered money has since been deposited in Duke Oil’s account under the Treasury Single Account (TSA), with the Central Bank of Nigeria (CBN).

Statistics of trading activities made available to this reporter showed that NNPC trading company engaged substantial number of both local and foreign companies in its trading activities in order to widen its reach and diversify its operations.

An industry source said unlike in the past where Duke Oil as the NNPC Trading company was excluded from lifting crude oil, the NNPC boss acting on the directives of President Buhari “has paid considerable attention to the activities of Duke Oil as the trading arm of the NNPC. The Buhari administration’s policy of change in the NNPC, has succeeded in repositioning of the erstwhile moribund company to one of profitability, excellence and value addition. It has made a giant stride in the trading of crude oil, export and import of petroleum products, receiving substantial amount of liftings. The records are there for all to see.” 

Reacting to the allegation that Duke Oil was solely lifting NNPC crude oil allocations, the source said that NNPC Trading company “is lifting just about 6.5 percent of national production. This figure is very negligible when compared to similar trading companies in other parts of the world.”

Citing the examples of Angola and Norway, the source said “Sonangol Limited, the Angolan Oil Trading Company lifts about 1.7 million barrels per day of national production while Norwegian Oil Trading Company, StatOil lifts about 2.1 million barrels per day representing 100 and 90 per cent respectively.”

The source stated further that irrespective of what anybody is saying “Duke Oil has launched NNPC into international oil trading business by actively participating in the business using best industry practices. On daily basis, Duke Oil aspires to improve its participation in the international trading frontiers.”

Further investigations revealed that Duke Oil is supplying Pertamina (the Indonesian National Oil Company) under commercial arrangement, which helps improve the Nigeria/Indonesia bilateral relations while  negotiation are ongoing for Duke Oil to supply Congo-Brazzaville with Nigerian crude under similar circumstances.

“The current administration of President Buhari has succeeded in reversing the gradual decline of the NNPC trading. The story of Duke Oil is one of success,” the industry source industry source said.

Source News Express

Posted 11/10/2017 06:02:05 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Confusion trails Edo council polls

Nigeria targets 2 new satellites to enhance connectivity,...

Super Eagles skipper Yobo Joseph aged 40 (not...

Recession, inflation squeeze Nigerians

Carry your cross alone, New PDP tells Tukur...

82 stolen cows recovered in Sokoto

Benue killings: CDHR indicts IGP, calls for his...

Nigeria and the Rule of Law, By Okocha...

Nasarawa Governor calls for complete overhaul of Local...

SERAP drags FG to court over double pay...

Pastor nabbed with 12 stolen kids

Boko Haram: Deadline that never was

 

Latest News Jesus’s burial site shut in protest Church with 100 sex slaves busted in South Africa My wife cries daily: Robert Mugabe Speeding vehicle kills 9 schoolchildren Peace Mass Transit Chairman constructs N400m roads in Enugu Star athlete arrested for stealing car at Winter Olympics Yobe Attack: Parents form association, demand rescue of 105 abducted schoolgirls Buhari challenges varsities on cutting-edge research, as UNIABUJA graduates 3,160 Third Class, 180 Pass NSCDC decries activities of oil theft syndicates in Bayelsa Roosdorp extracts commitment from Fayemi, Malami, others Warren Buffett shares investment lesson RELEASED: Names of the over 100 Dapchi school girls abducted by Boko Haram

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (327,033 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (319,173 views) Shameless Genevieve Nnaji exposes breasts in public (255,718 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (209,787 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (195,189 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (188,344 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (164,027 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (147,346 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (140,775 views) Lagos plane crash: Journalist releases victims’ names (130,107 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (128,778 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (123,571 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business (2,912) Business Verdict (34) Columnists (806) Complaints & Requests (94) Enterprise & Opportunities (203) Entertainment (447) Features (549) Global Business Monitor (226) International (1,807) Interviews (143) Live Commentary (28) Love Matters (106) News (33,113) Opinion (885) Pidgin (10) Politics (4,523) Religion (687) Sports (1,442) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement