Indian oil firm and one of Nigeria’s biggest oil buyers, Hindustan Petroleum Corporation (HPCL) on Monday declared that it would henceforth be cautious in buying Nigerian oil. The firm hinged its decision on the decision of shippers who are now shunning requests to lift Nigeria’s crude.

HPCL bought the two million barrels of Qua Iboe from Total, a trading arm of France’s Total (TOTF.PA), for October 7-8 lifting on a free on board (FOB) basis, meaning the buyer pays the cost of marine freight, insurance, unloading and other costs to destination

The Indian firm had chartered the Ridgebury Progress to lift the cargo, but the vessel owner refused to sign the “letter of comfort” sought by the Nigerian authorities. Head of HPCL refinery, B.K. Namdeo told Reuters on Monday that his company was still scouting for a vessel to lift a cargo for early October loading after the African nation sought a “letter of comfort” from shippers.

“We are finding it difficult to book a vessel to lift Nigerian crude…

We will be cautious in future while deciding about crude of Nigerian origin,” he said. Namdeo, however, said that his firm was unsure whether it would be able to lift a very large crude carrier of Qua Iboe crude on time. “Nobody is coming forward to offer the vessel and whoever is willing to go to Nigeria is asking exorbitant rates,” he said.

Nigeria had cancelled a near two-month ban on 113 foreign-flagged vessels from loading crude or gas from Africa’s top producer in July, according to a letter from the Nigerian National Petroleum Corporation (NNPC).

But as a condition for the ban removal, it created the letter of comfort requirement in an effort to target oil theft.

All incoming vessels into Nigerian waters must get a “Letter of Comfort” from export terminal operators and buyers of Nigerian crude as “guarantee that nominated vessels are free and will not be utilised for any illegal activity whatsoever,” Mele Kyari, the NNPC’s Group General Manager, Crude Oil Marketing, said in the letter dated September 8.

At least 250,000 barrels of oil are stolen daily in Nigeria, according to President Muhammadu Buhari.

The tankers were banned on July 15, days before a meeting between Buhari and U.S. President Barack Obama in Washington.


http://newtelegraphonline.com/shippers-shun-lifting-nigerias-crude/

When we were shouting at the top of our voices that Buhari's obsolete dictatorial policy of bullying international shipping lines can never work, the masturbators and broom wielding herbalists said we were wailing, see where we are now. Nobody wants to lift our crude anymore. BUHARI IS BAD FOR THE ECONOMY!

I see Kachikwu resigning from NNPC soon if Buhari continues interfering with obsolete policies and blocking initiatives from Kachikwu.

Little wonder some people refer to him as "brain dead".


Lalasticlala, abeg take this thread to where it belongs.

Everyone should tighten his/her belt.

pishure or ..

is this the chnge they promised us....

->Buhari should stop interfering with economic policies, that is not his work to do; rather, his ministers and advisers are the ones solely responsible for this.
->I have observed that Buhari is trying to convert Nigeria into a socialist country, and from lessons learnt from others that have practiced it, we all know that socialism doesn't grow an economy.
->Countries in modern time are trying to become purely capitalistic at the same time Nigeria is hurriedly depreciating into socialism. It is quite worrying to say the least.

Auto reverse government,

just watch as d zombies comes in droves to blame madueke for this

Emekamex:
->Buhari should stop interfering with economic policies, that is not his work to do; rather, his ministers and advisers are the ones solely responsible for this.
->I have observed that Buhari is trying to convert Nigeria into a socialist country, and from lessons learnt from others that have practiced it, we all know that socialism doesn't grow an economy.
->Countries in modern time are trying to become purely capitalistic at the same time Nigeria is hurriedly depreciating into socialism. It is quite worrying to say the least.

If the ministers and advisers are responsible for policies, why do you now blame PMB for a policy formulated by the GMD-NNPC.

Most countries have political parties that are driven by socialist & capitalist ideologies. The US has Democrats (S) & Republican (C). The UK has Labour (S) & Conservatives (C). Nigeria has APC (S) & PDP (C).

The difference in ideologies of these parties provide balance in the system. They both have their advantages & disadvantages, and the electorate will tend towards one depending on the exigencies of the time.

hmm, this govt has zero ideas on running the Nigerian economy

Bevista:
If the ministers and advisers are responsible for policies, why do you now blame PMB for a policy formulated by the GMD-NNPC.

Most countries have political parties that are driven by socialist & capitalist ideologies. The US has Democrats (S) & Republican (C). The UK has Labour (S) & Conservatives (C). Nigeria has APC (S) & PDP (C).

The difference in ideologies of these parties provide balance in the system. They both have their advantages & disadvantages.

The policy was not formulated by Kachikwu. It's PMB's brainchild.

Buhari has overruled most of Kachikwu's proposals like selling off tge refineries and stopping fuel subsidy.

sunnyb0b0:
The policy was not formulated by Kachikwu. It's PMB's brainchild.

Buhari has overruled most of Kachikwu's proposals like selling off tge refineries and stopping fuel subsidy.

Which leads me to believe that even if PMB appoints Ministers, you will still accuse him of overruling them.

No matter what PMB does, you will find reasons to fault him.

Welcome to the era of dictatorship.
Nigeria is back to dictatorship system in disguise.

sunnyb0b0:


The policy was not formulated by Kachikwu. It's PMB's brainchild.

Buhari has overruled most of Kachikwu's proposals like selling off tge refineries and stopping fuel subsidy.

Unknown to Kachikwu, Buhari is using him as his scapegoat if things backfire the way Joy Ogwu is being tarnished by Amala Sahara newspaper of Tinubu

Bevista:
Which leads me to believe that even if PMB appoints Ministers, you will still accuse him of overruling them.

No matter what PMB does, you will find reasons to fault him.

Kachikwu has come out openly to say fuel subsidy should go and that he would have sold the refineries but for Buhari’s refusal.

Buhari is not good at formulating economic policies.

sunnyb0b0:


Kachikwu has come out openly to say fuel subsidy should go and that he would have sold the refineries but for Buhari’s refusal.

Buhari is not good at formulating economic policies.

Just because PMB disagrees with specific policies, does it mean that he micromanages NNPC?

PMB believes that the Naira should not be devalued further, does that mean he micromanages CBN?

If an appointee of the president makes a good policy, the appointee takes credit but if he makes a not so good policy, It's the "dullard" that takes the blame.

sunnyb0b0:
When we were shouting at the top of our voices that Buhari's obsolete dictatorial policy of bullying international shipping lines can never work, the masturbators and broom wielding herbalists said we were wailing, see where we are now. Nobody wants to lift our crude anymore. BUHARI IS BAD FOR THE ECONOMY!

I see Kachikwu resigning from NNPC soon if Buhari continues interfering with obsolete policies and blocking initiatives from Kachikwu.

Little wonder some people refer to him as "brain dead".


Lalasticlala, abeg take this thread to where it belongs.

Y are u wailing as if the said proceed belongs to you alone. As if u have hidden agenda

ETHIX:



Y are u wailing as if the said proceed belongs to you alone. As if u have hidden agenda

You get oyel for your backyard?

Bevista:
Just because PMB disagrees with specific policies, does it mean that he micromanages NNPC?

PMB believes that the Naira should not be depreciated further, does that mean he micromanages CBN?

If an appointee of the president makes a good policy, the appointee takes credit but if he makes a not so good policy, It's the "dullard" that takes the blame.

The buck stops at his table. He takes d credit and d blame.

Meanwhile, his foreign exchange control policy is so 12th century.

I am laughing in Daura.

Governance is not all about fighting corruption. It takes more than that. Our economy is lying prostrate and anyone that disagrees is living in denial.

The only goodwill left in Buhari's kitty is that he is yet to appoint Ministers. Nigerians are waiting to see how that will pan out. From next week, the President should expect arm chair and career critics to get back to the trenches and resume from where they left off in GEJ's government.


...And someone is arguing in favour of socialism in our capitalist driven world of today? Socialism places so much burden on the government and hampers speedy development of an economy. This is the 21st century and so far capitalism has freed our economy and provided more jobs to the populace. No matter how we argue it; capitalism as practised by the Obj and GEJ government succeeded in putting more money in the hands of Nigerians and the government(by way of increase in taxes, generated). Yar'adua's socialist tendencies would have put this country in a lurch if we had carried on in that direction for 8 years.

these wailers...

Nigeria had cancelled a near two-month ban on 113 foreign-flagged vessels from loading crude or gas from Africa’s top producer in July, according to a letter from the Nigerian National Petroleum Corporation (NNPC).

But as a condition for the ban removal, it created the letter of comfort requirement in an effort to target oil theft.

All incoming vessels into Nigerian waters must get a “Letter of Comfort” from export terminal operators and buyers of Nigerian crude as “guarantee that nominated vessels are free and will not be utilised for any illegal activity whatsoever,” Mele Kyari, the NNPC’s Group General Manager, Crude Oil Marketing, said in the letter dated September 8.

sunnyb0b0:


The buck stops at his table. He takes d credit and d blame.

Meanwhile, his foreign exchange control policy is so 12th century.

But you have not given him any credit thus far.

You should find out why countries like Switzerland and China intervene in their foreign exchange market to keep their currencies appropriately priced.

20pounds:
I am laughing in Daura.

Governance is not all about fighting corruption. It takes more than that. Our economy is lying prostrate and anyone that disagrees is living in denial.

The only goodwill left in Buhari's kitty is that is yet to appoint Ministers. Nigerians are waiting to see how that will pan out. From next week, the President should expect arm chair and career critics to get back to the trenches and resume from where they left off in GEJ's government.

@bolded in Osho"s voice : the economy is going to to go and die.

baba go slow..
















slowly moving to the negative x-axis

Seems we all don't know how a Letter of Comfort operates, this is not a bad policy to me, it's just find a guarantor that will guarantee that you as the crude lifter will not divert our resource. I fear for Tomorrow, at this rate, hunger might starve her to death in the hands of we the (un)learning leaders of hers.

i pray ur new sheriff delivers cos e go too bad after wasting ur mb n time defending him.
Bevista i don save all ur postings all defending buhari.
I hate it when leaders behave like mourinho who always shift blames to others, bros buhari is d number one n all bucks stop at his desk. Lets stop all this irresponsible attitude of shifting blames and accept responsibilities for what happens either good or bad.

Bevista:
But you have not given him any credit thus far.

You should find out why countries like Switzerland and China intervene in their foreign exchange market to keep their currencies appropriately priced.

Those countries you mentioned have got the muscle to intervene and talking about China, their own form of intervention is yo keep their currency devalued so as to boast export which doesn't really require much from them.

And yes, I have given him credit on the reduction of impunity but he's failed woefully on the economy.

poiZon:
i pray ur new sheriff delivers cos e go too bad after wasting ur mb n time defending him.
Bevista i don save all ur postings all defending buhari.
I hate it when leaders behave like mourinho who always shift blames to others, bros buhari is d number one n all bucks stop at his desk. Lets stop all this irresponsible attitude of shifting blames and accept responsibilities for what happens either good or bad.

I don't have a problem if PMB takes the blame for anything bad that happens under his watch. My problem is with those who attribute anything good that happens to either the previous government or the appointee.

I support PMB because I believe in his capacity to Transform the country. If I have reasons to change my mind tomorrow, I will not hesitate to do so immediately. My first loyalty and Patriotic duty is to Motherland and not to anyone occupying the office of the president.

sunnyb0b0:
Those countries you mentioned have got the muscle to intervene and talking about China, their own form of intervention is to keep their currency devalued so as to boost export which doesn't really require much from them.

And that is why I used the phrase "appropriately priced" in my previous comment.

A country that is EXPORT driven intervenes to keep its currency relatively WEAK, while a country that is IMPORT driven intervenes to keep its currency relatively STRONG. Both cases are forms of intervention - i.e not leaving one's currency completely to the vagaries of Free Market.

Bevista:
I don't have a problem if PMB takes the blame for anything bad that happens under his watch. My problem is with those who attribute anything good that happens to either the previous government or the appointee.

I support PMB because I believe in his capacity to Transform the country. If I have reasons to change my mind tomorrow, I will not hesitate to do so immediately. My first loyalty and Patriotic duty is to Motherland and not to anyone occupying the office of the president.

transform the country, is he a demi-god?
How do u knw the country u r from?
Transformation in what terms please? R u saying pmb will make naija be like dubai, paris, newyork, london or brussels?
Can he do it alone?
Do we have states, what is their functions in the nation?

poiZon:

transform the country, is he a demi-god?
How do u knw the country u r from?
Transformation in what terms please? R u saying pmb will make naija be like dubai, paris, newyork, london or brussels?
Can he do it alone?
Do we have states, what is their functions in the nation?

Apparently, you do not see anything good in PMB, but yet you accuse me for seeing something good in him.

Elections are over. There is an important task of governance and making Nigeria better for all (both Wailers & Masturbators). You can keep your hate campaign till 2018/2019 when it will be understandable.