PPMC revokes bulk purchase agremment with 3 marketers over diversion

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The Pipelines and Product Marketing Company (PPMC) has revoked the bulk purchase agreements of three petroleum marketers caught diverting petroleum products out of the country, an official has said.
Nasir Imodagbe, Manager, Public Affairs and Community Relations of PPMC, who made the disclosure in Lagos on Tuesday, named the marketers as Funo Alfa Ltd, Organiser West Africa Ltd and Rich Oil Ltd.
He said that the marketers’ actions violated the bulk purchase agreement with PPMC.
According to him, “the revocation is part of the corporation’s effort in sanitising the industry by checkmating marketers diverting products meant for domestic consumption.
“This will also reduce frequent petroleum hoarding and diversion by marketers. The process is continuous and we are going to ensure adequate monitoring of marketers.”
The Nigerian National Petroleum Corporation (NNPC) had on July 19 banned 113 oil tankers from entering Nigerian oil facilities and territorial waters.
The corporation in a statement signed by Gbenga Komolafe, the Group General Manager Crude Oil Marketing Division, prohibited tankers “from engaging in crude oil and gas loading activities in any of the terminals within the Nigerian territorial waters until further notice.”
The company made the announcement in a letter dated July 15 and addressed to terminal operators in Nigeria.
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Source:: New Mail