Page 15 - DMEA Week 27 2022

DMEA NEWS IN BRIEF DMEA

Trade for lifting. “I don’t monitor Petro Trade’s activity. I in SK Advanced by 45 million riyals, the
FrontPageAfrica had earlier reported monitor Aminata’s activity. They have not polypropylene maker said in a Tadawul
from sources that the management of LPRC put one gallon in my tank; I have not lifted it bourse filing.
had allowed Aminata and Sons to lift and out of my tank. To the best of my knowledge, Sales revenue was 6 percent higher y-o-y at
transport the product to Sierra Leone which absolutely nothing is missing. The way we 814 million riyals.
recently faced a shortage of petroleum manage our operations if Petro Trade does For H1-2022, Advanced Petrochemicals
products. maybe 75 percent of what I do, they will not saw its net profit drop by 37 percent to 274
The LPRC management had therefore go into that situation. I don’t know what they million riyals.
informed Petro Trade that Aminata had are doing there, maybe they have some stock ZAWYA
400,000 gallons of its product while NEXIUM accounting problem,” he said.
had 300,000 gallons. FrontPageAfrica has seen a June 17, 2022
Therefore, Aminata & Sons was to supply communication from the management TERMINALS & SHIPPING
Petro Trade 50,000 gallons of product daily of LPRC to the CEO of Aminata & Sons
until the Petro Trade is fully replenished indicating “Please be informed that upon Greece releases tanker
NEXIUM was also to supply Petro Trade LRPC’s reconciliation of your stocks, our
35,000 gallons daily. book balances indicate that you have -319,561 carrying Iranian crude
However, the CEO of Aminata & Sons, Mr. gallons AGO.
Emmanuel Togba, refuted having any product “Should you have any reservation on this The VLCC tanker Lana (formerly Pegasus),
for Petro Trade and alleged that Petro Trade quantity, we request that you respond to has been released by the Greek authorities
was on a spree to tarnish the image of the management in the soonest possible time.” after two and a half months of arrest and is
LPRC management. The communication was signed by the heading to the port of Piraeus with the help of
“Because if you allege these things, it Deputy Managing Director for Operation, Mr. two tugboats, ERT reported on July 3.
means that you are trying to bring the Adrian Mario. The tanker carrying Iranian oil had been
reputation and the integrity of the senior The disclosure of the letter suggests that under arrest since mid-April and remained at
management team of the LPRC under the Aminata & Sons has lifted more products anchor due to a “mechanical failure” near the
box. It is important for people to understand than it has on the books and therefore has port of Karystos on the island of Euboea. By
that this is wrong. It is wrong not only by the to replenish about 319,561 gallons which a court decision Iranian oil was confiscated
Petro Trade but it is wrong for the country,” explains why the management of LPRC in favour of the United States, and part of
Togba said when he appeared on Prime FM had earlier informed Petro Trade through a the oil was reloaded onto a Greek tanker for
on Wednesday. meeting with both parties that Aminata & shipment to America.
He challenged Petro Trade to address Sons had some of their products. Iran called the seizure of the ship’s cargo
their concerns with LPRC while arguing that FPA “a prime example of international piracy” for
Aminata & Sons it is LPRC’s responsibility to which Athens and those who seized the ship
account for their product. are responsible. In response to the arrest of
“That is their problem. I bought products PETROCHEMICALS the tanker and the confiscation of its oil, Iran
that only fit in my tanks and once it was that seized two Greek tankers in the Persian Gulf.
way, I got 100 percent over my tank,” he said. Advanced Petrochemical In mid-June, the tanker was released by
Mr. Togba disclosed that Petro Trade the decision of the Greek authorities, but
brought in more products than their storage announces significant drop again could not leave Greek waters, this time
could take which has led to the situation they because of the financial claims of the tug
are faced with. in net profit company that filed a lawsuit. According to
He insisted that it is LPRC’s responsibility media reports, the company demanded more
to ensure that products imported into the Saudi Arabia’s Advanced Petrochemicals Co. than €2mn. Now the issue has been settled
country are safe and secured. said on Wednesday its Q2-2022 net profit and the tanker has finally been released.
An LPRC insider hinted that Aminata tank more than halved to 110 million riyals ($29 The Chalcis court ordered the return of
was used to host some products belonging million) from 265 million riyals in the year- 60,000 metric tonnes of crude oil out of the
to Petro Trade with the consent of both ago period. 104,134 tonnes that Lana was transporting in
parties. However, Aminata took advantage The result fell short of the analysts’ estimate its tanks.
of the situation and lifted the product despite of 132.3 million riyals, as per data provider It remains to be seen whether US
knowing they had limited product in the Refinitiv. authorities will abide by the Greek court
facility. The drop in profit, which came despite ruling, as it would be in direct contravention
Mr. Togba, however, while on Prime FM a 13 percent rise in sales volumes, was due of its own rules.
said Petro Trade has never put a single gallon to higher propane and propylene prices, NEWSBASE
of their product in its storage. and a drop in share of profit on investment

Week 27 07•July•2022 www. NEWSBASE .com P15