Page 15 - DMEA Week 40 2021

DMEA NEWS IN BRIEF DMEA

POLICY disclosed a number of incidents related to Seoul. The volume of trade tumbled to just
product storage and transfer losses, including $111 million by mid-July 2020, according to
Ghana to launch but not limited to the disappearance of embassy figures.
105,927 litres of gas oil on 4th September
In January, Iran’s Revolutionary Guards
parliamentary inquiry at 2021, which belongs to a BDC client. seized a South Korean-flagged tanker, the
Hankuk Chemi, and held it and its captain
MODERN GHANA
TOR for three months, ostensibly over alleged
environmental violations.
The minority in Ghana’s parliament has served Iran-Korea row worsens The seizure was widely seen in South
notice it will trigger the appropriate rules over frozen oil billions Korea as an attempt to force Seoul’s hand over
and processes for a full-scale parliamentary the frozen funds, though Tehran repeatedly
inquiry into what they call the “broad daylight A row between Iran and South Korea is denied there was any connection.
thievery and embarrassing spectacle” at the intensifying, with Tehran threatening legal Last week, Iran’s Foreign Minister Hossein
Tema Oil Refinery (TOR) soon. action unless Seoul releases more than $7 Amir-Abdollahian warned that his country
This, according to the Caucus is due billion in funds for oil shipments frozen would sue South Korea if it continued to
to their mistrust for the Akufo Addo because of US sanctions. refuse to honour its debt.
government to conduct any fair, transparent The Islamic republic was South Korea’s AFP
and unbiased investigation. third-largest Middle Eastern trade partner
In a statement signed by the Ranking before the US unilaterally withdrew from a
Member for Mines and Energy, John 2015 nuclear deal between Tehran and world REFINING
Abdulai Jinapor, the caucus said it “will not powers and reimposed crippling sanctions.
sit unconcerned for greedy and self-seeking Iran had been a key oil supplier to NNPC says 100% of
Akufo-Addo/Bawumia government to plunge resource-poor South Korea and in turn
the only oil refinery in the country into imported industrial equipment, household consumed fuel imported
comatose.” appliances and vehicle spare parts from Seoul.
It added: “In the meantime, we wish to “We have $7.8 billion of our money The Nigerian National Petroleum Corporation
call on the government to appoint competent blocked in South Korean banks,” said Iranian (NNPC) has disclosed that in August, 100%
personnel devoid of partisan parochial lawmaker Alireza Salimi, who is involved with of the 1.74 billion liters of petrol consumed by
interest onto the management and governing the case. Nigerians were imported.
Board of the refinery and also desist from South Korea took delivery of the Iranian oil The General Manager, Corporate Services,
the unnecessary political interferences in the “but did not pay for it”, he told AFP. the Petroleum Products Pricing Regulatory
operations of the refinery.” “It is not a reliable trading partner and Agency (PPPRA), Kimchi Apollo disclosed
Earlier this week, the Tema Oil Refinery it should pay interest on the money it is this in a statement released on its website. The
(TOR), announced that it has queried improperly holding,” he charged. statement also showed the amount of petrol
and interdicted some of its staff pending A foreign ministry official in Seoul told consumed is a drop of about 132mn litres
the conclusion of investigations into the AFP that “it is difficult to confirm” the exact when compared to the 1.87bn litres consumed
disappearance of fuel, product storage, and amount of money involved. in July.
transfer losses at the refinery. South Korea stopped purchasing Iranian NNPC last month published the
This is part of recommendations by an oil after former US president Donald Trump performance of its refineries in 2020 which
interim management committee, which exited the nuclear deal in 2018, reimposing shows that about 1,586 new persons were
was inaugurated in June 2021, to oversee the harsh sanctions and threatening to punish employed while N69.07 billion was spent on
the affairs of the company as part of the anyone buying crude from Iran. salaries and wages.
government’s efforts to restructure the That year, Iran-South Korea trade fell by The refineries which are located in Port
company. half compared to 2017, when it had stood at Harcourt, Kaduna, and Warri have a total
The investigations by the committee $12 billion, according to Iran’s embassy in installed capacity of 445,000 barrels per day

Week 40 07•October•2021 www. NEWSBASE .com P15