NNPC, NIMASA Partner On Crude Oil Export
source: http://www.eyesoflagos.com/2018/01/nnpc-nimasa-partner-on-crude-oil-export.html

The Nigerian National Petroleum Corporation (NNPC) in conjunction with the Nigerian Maritime Administration and Safety Agency (NIMASA), yesterday convened a meeting of stakeholders in the maritime industry with a view to generating ideas on how best attract maximum benefits from export of the country’s crude oil. A statement issued by NNPC’s spokesperson, Ndu Ughamadu said the theme of the meeting was: “Free On-Board (FOB) and Cost, Insurance and Freight (CIF) Incoterms Framework for Export of Nigerian Crude Oil and Gas.” According to the statement, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in his welcome address told participants that various attempts in the past to transit from the Free-on-Board (FOB) to Cost, Insurance and Freight (CIF) system of exporting the nation’s crude oil had failed. According to Eyes Of Lagos investigation, The minister stated that there was no better time than now to revisit the issue holistically to determine which of the systems best serves the interest of Nigeria. He therefore urged participants to come up with recommendations to help the Federal Government take appropriate decision on the issue with a view to enhancing the nation’s the economy. In his keynote address, the Group Managing Director of NNPC, Dr. Maikanti Baru, said the corporation’s preference for FOB was informed by the prevailing security situation and the need to guarantee steady revenue into the Federation Account. He explained that under CIF, petroleum cargoes are legally the property of the Federal Government which could pose a danger to the country’s earning as creditors could procure court orders to confiscate crude oil cargoes as a means of securing payment of Nigeria’s indebtedness. “The experiences of Nigerian Airways and the Nigerian National Shipping Line both of which had their vessels/crafts and cargoes confiscated on court orders obtained by creditors is unpleasant to recall. “Due to these peculiarities, we find it most appropriate to transfer the potential risks associated with the ownership of the cargo to the buyer at the load port in Nigeria which FOB incoterm allows. Government/NNPC’s liability ends as the crude oil passes from loading hose at the vessel’s manifold to the loading vessel. The buyer pays for Freight, Marine Insurance, unloading and transportation from the load port in Nigeria to the destination”, he stated. He said NNPC was, however, not unmindful of the value erosion inherent in the FOB sale arrangement, adding that the corporation was open to new ideas on the proper mix that could enable synergy and collaboration amongst different stakeholders to guarantee security of federation revenue as well as guard against associated risks involved in delivery of crude oil and Gas to customers. On his part, the Director General of NIMASA, Dr. Dakuku Peterside, said while there was no correct answer to the issue of freight system to adopt, there was need to be open-minded about possible alternatives that could help in the quest to diversify the economy. He urged participants to be guided by the national interest in their discussion and explore all possible opportunities.

[b][/b] I can't imagine how this is going to solve our current problem... Inflation,economy, corruption and even slavery of citizens in this country...

h

While all these happen... Our country is being run into the ground completely.. APC is a fraud we all fell for

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A government of thief and injustice by thief and injustice and for thieves and injust people

eyesoflagostv:
NNPC, NIMASA Partner On Crude Oil Export
source: http://www.eyesoflagos.com/2018/01/nnpc-nimasa-partner-on-crude-oil-export.html

The Nigerian National Petroleum Corporation (NNPC) in conjunction with the Nigerian Maritime Administration and Safety Agency (NIMASA), yesterday convened a meeting of stakeholders in the maritime industry with a view to generating ideas on how best attract maximum benefits from export of the country’s crude oil. A statement issued by NNPC’s spokesperson, Ndu Ughamadu said the theme of the meeting was: “Free On-Board (FOB) and Cost, Insurance and Freight (CIF) Incoterms Framework for Export of Nigerian Crude Oil and Gas.” According to the statement, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in his welcome address told participants that various attempts in the past to transit from the Free-on-Board (FOB) to Cost, Insurance and Freight (CIF) system of exporting the nation’s crude oil had failed. According to Eyes Of Lagos investigation, The minister stated that there was no better time than now to revisit the issue holistically to determine which of the systems best serves the interest of Nigeria. He therefore urged participants to come up with recommendations to help the Federal Government take appropriate decision on the issue with a view to enhancing the nation’s the economy. In his keynote address, the Group Managing Director of NNPC, Dr. Maikanti Baru, said the corporation’s preference for FOB was informed by the prevailing security situation and the need to guarantee steady revenue into the Federation Account. He explained that under CIF, petroleum cargoes are legally the property of the Federal Government which could pose a danger to the country’s earning as creditors could procure court orders to confiscate crude oil cargoes as a means of securing payment of Nigeria’s indebtedness. “The experiences of Nigerian Airways and the Nigerian National Shipping Line both of which had their vessels/crafts and cargoes confiscated on court orders obtained by creditors is unpleasant to recall. “Due to these peculiarities, we find it most appropriate to transfer the potential risks associated with the ownership of the cargo to the buyer at the load port in Nigeria which FOB incoterm allows. Government/NNPC’s liability ends as the crude oil passes from loading hose at the vessel’s manifold to the loading vessel. The buyer pays for Freight, Marine Insurance, unloading and transportation from the load port in Nigeria to the destination”, he stated. He said NNPC was, however, not unmindful of the value erosion inherent in the FOB sale arrangement, adding that the corporation was open to new ideas on the proper mix that could enable synergy and collaboration amongst different stakeholders to guarantee security of federation revenue as well as guard against associated risks involved in delivery of crude oil and Gas to customers. On his part, the Director General of NIMASA, Dr. Dakuku Peterside, said while there was no correct answer to the issue of freight system to adopt, there was need to be open-minded about possible alternatives that could help in the quest to diversify the economy. He urged participants to be guided by the national interest in their discussion and explore all possible opportunities.

Nigerians grudgingly agree my govt is doing its best ― Buhari

President Muhammadu Buhari has observed that Nigerians are grudgingly accepting that his administration is doing its best given that he took over from a party that had the most resources in its 16-year reign.

Read more: https://newsworth.ng/nigerians-grudgingly-agree-govt-best-%e2%80%95-buhari/

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more money to amaechi's pocket

GEJ 2015 president approves the building of modular refineries distributes licenses to private owners, PMB 2018, NNPC partners with NIMASA to export crude..... Who's really the enemy of the state. Sick pple... I weep for my country Nigeria

None of my business. What i want is for fuel to be available to the masses !!!

The cabal at work! Nothing on the refineries,they have sold nigeria to themselves. God shall judge.

Igbo's are the worst enemies to themselves, imagine in IMO state they still sell petrol for 220 per litre , please is that not wickedness?

nkemdi89:
Igbo's are the worst enemies to themselves, imagine in IMO state they still sell petrol for 220 per litre , please is that not wickedness?

Madam wetin concern igbos for this matter? Abeg, abeg, na 220 for Port Harcourt too. Just keep the observations to yourself.

fippycbk:


Madam wetin concern igbos for this matter? Abeg, abeg, na 220 for Port Harcourt too. Just keep the observations to yourself.

Asaba is 160 and the marketers in IMO said they won't reduce it, the only filling station selling 145 is owned by an Hausa man in irete.

nkemdi89:

Asaba is 160 and the marketers in IMO said they won't reduce it, the only filling station selling 145 is owned by an Hausa man in irete.

I don't care what Asaba sells. In Port Harcourt here, all the filling stations around me sell at 200 - 220. Stop blaming igbos for every misfortune that's befallen you. It's sickening.

fippycbk:


I don't care what Asaba sells. In Port Harcourt here, all the filling stations around me sell at 200 - 220. Stop blaming igbos for every misfortune that's befallen you. It's sickening.

That one concern you shebi you dey pH dey make mouth , come IMO when you buy 220 for gen and car, body go tell you, as you dey form president general ohaneze ndigbo, na you Igbo matter sweet pass for Brain. I am expressing not only my own view but the displeasures of others too. IMO is a state whereby if government agencies doesn't go round and enforce something they will never change, holiday is over and no more panic buying.

I believe the FOB system of ferrying and payment is still d best and with lower risk on the seller side. The problem we have with the NNPC is just lack of integrity as they have proven to be dubious over time.

nkemdi89:

That one concern you shebi you dey pH dey make mouth , come IMO when you buy 220 for gen and car, body go tell you, as you dey form president general ohaneze ndigbo, na you Igbo matter sweet pass for Brain. I am expressing not only my own view but the displeasures of others too. IMO is a state whereby if government agencies doesn't go round and enforce something they will never change, holiday is over and no more panic buying.

You are not making any sense at all. No sense whatsoever...

fippycbk:


You are not making any sense at all. No sense whatsoever...

Oya na go clear the sooth wey dey your head make you for understand as if you are the only Igbo man here.