Page 12 - DMEA Week 16 2022

DMEA NEWS IN BRIEF DMEA

POLICY the exports impacted people’s lives,” he added. National Petroleum Company Limited, Mele
BNE Kyari. The officials of the management of the
Report claims Iran’s nation’s refineries were also summoned to
appear before the panel.
exports are much lower COMPANIES had botched the investigative hearing of the
Non-appearance by the stakeholders
Claims made since March by Iranian officials Botas granted $400mn loan committee scheduled for March 31, 2022.
about sharp increases in oil and petrochemical The committee, which condemned the
exports, achieved in the face of US sanctions, by local banks invitees for allegedly shunning a series
have been proven false as the figures have of invitations to its investigative hearing,
been warped by the inclusion of figures on Turkey’s government-run natural gas importer threatened to invoke legislative powers against
stored goods, according to the conclusions of Botas has obtained a $400mn short-term them at a press briefing in Abuja on Thursday.
an investigation published by Sharghai daily. loan from two unnamed Turkish banks, The Chairman of the committee, Mr
Officials have asserted that oil and anonymous sources told Bloomberg on April Ganiyu Johnson, who was miffed by the non-
petrochemical shipments have even exceeded 21. appearance, said, “We have a situation here!”
levels seen before Washington reimposed On April 20, Bloomberg quoted unnamed Johnson recalled that the Speaker of the
heavy sanctions on Iran in 2018. However, sources as saying that Deutsche Bank House, Femi Gbajabiamila, had constituted
energy analysts interviewed by the newspaper (Frankfurt/DBK) was in the final stage of talks this committee to determine the actual cost
reportedly said that the government had to extend a €1bn five-year loan to Botas of rehabilitating the refineries and what is
manipulated the numbers - they were quoted under a guarantee that would be provided by needed to bring them back to maximum
as saying that, for instance, Iranian oil kept the Turkish Treasury. refining capacity.
stored on tankers at sea was also counted as In January, sources told Bloomberg He added that the committee was
exported oil. that Botas was seeking a $2bn loan to pay mandated to determine the true state of
“Parts of unsold oil production are upcoming debts to suppliers, including the refineries, ascertain the actual cost of
reserved on the water [in tankers], and other Russia’s Gazprom (Moscow/GAZP). rehabilitating the refineries, and what is
parts are stored in tankers in China, but these Since November, the Turkish central bank needed for the refineries to function at
stored oils are counted as oil exports,” Alireza has sold USD amounting to $18bn to state- maximum refining capacity.
Salehi, an Iranian expert, was cited as saying. owned enterprises, mainly Botas. Johnson said, “The committee, therefore,
Other experts asked why if Tehran had BNE relying on relevant laws and pursuant to
expanded oil exports to the extent claimed, the provisions of Sections 62, 88, and 89 of
there was no noticeable impact on Iran’s the Constitution of the Federal Republic of
income and economy. REFINING Nigeria, 1999 (as amended), requested the
“If the government’s claims are right, GMD of the Nigerian National Petroleum
how does the income from the exports enter Reps allege cover-up on Corporation to forward a status report on
the country while we are under [banking] the nation’s Refineries and the actual cost of
sanctions?” Iranian economist Komeil Taiebi refineries rehabilitating the refineries from 2012 to date.”
was quoted as saying, adding: “Is this money According to the chairman, the details
also blocked, or does the government sell oil The House of Representatives’ Ad Hoc requested from the GMD included an
for goods? What has the government done Committee on the State of Refineries in appraisal of the current state of refineries
with the oil exports income?” Nigeria has summoned the Minister of State in the country - Port Harcourt Refining
“First, the government should very clearly for Petroleum Resources, Timipre Sylva, and Company, Warri Refining and Petrochemical
answer these questions, and then we can say if the Group Managing Director of the Nigerian Company Limited and Kaduna Refining and

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