Taleveras, Africa’s leading most active supplier of refined petroleum
\nproduct in and out of the continent, said it is sadden by the possible
\nnegative impact of recent media misrepresentation of figures against it,
\ncould have on the Structuring Finance for Petroleum Product Supply into
\nNigeria.<\/p>\n
This is coming on the heels of wrong media interpretation \u200eof the
\nearlier report of Nigerian Extractive Industry Transparency Initiative
\n(NEITI) that wrongly listed 152,308,878 litres of Gasoline, instead of
\n52, 308, 878. 00 USD monetary value, which was subsequently clarified by
\nNEITI.<\/p>\n
In a statement, Mr Leonard Kwentua a Senior Trading and Supply Executive
\nof Taleveras Petroleum said that International Financial Institutions are
\nvery Sensitive to Sensational Media Reports and most recently these
\ninaccurate Reports do more harm than good in Structuring Finance for
\nPetroleum Product Supply into Nigeria, which can lead to supply
\ndisruptions.<\/p>\n
A Nigerian Daily had on March 25, 2014 wrongly listed 152,308,878 litres
\ninstead of 52,308, 878.00 USD value against Taleveras in the Crude Oil
\nSwap Arrangement.<\/p>\n
But after verification of the NEITI report made available to the press,
\nthe NEITI report had listed 52,308,878.00 in USD Value and not 152, 308,
\n878 litres as grossly misinterpreted in the Press.<\/p>\n
Subsequently, NEITI has refuted an earlier report of USD 8 billion loss.
\nNEITI\u2019s Director of Communication, Dr. Orji Ogbonnaya Orji, while denying
\nthe $8 billion loss states:<\/p>\n
\u201cThe media report from that presentation attributed to NEITI that the
\nnation losses $8 billion annually through crude oil Swap. This is not only
\nwrong but misleading. What NEITI presented and explained at that hearing
\nwas that there is no cost efficiency in the transactions with the offshore
\nprocessing organisations.\u201d<\/p>\n
Mr Leonard Kwentua maintained that \u201cTaleveras supply of Gasoline under the
\nswap arrangement are on- going activities and accounts are reconciled
\nquarterly to determine what is oversupplied or under supplied”.<\/p>\n
According to the statement, “This Barter Arrangement is a major factor
\nresponsible for the sustainability of supply and availability of Gasoline
\nacross Nigeria. International Financial Institutions are very Sensitive to
\nSensational Media Reports and most recently these inaccurate Reports do
\nmore harm than good in Structuring Finance for Petroleum Product Supply
\ninto Nigeria”.<\/p>\n
The firm noted that “Furthermore, It is on record that Taleveras is one of
\nthe most active supplier of Refined Petroleum Products in and out of
\nAfrica as a whole and in particular PPMC under the Duke\/Taleveras
\narrangement, we are often than not, used as a Performance Example”.<\/p>\n
Mr Leonard Kwentua added that “Secondly, for the Swap Transaction, there
\nis an underlying security in form of a standby letter of credit in Favour
\nof PPMC, so if you don\u2019t deliver the products, PPMC are in a position to
\ncash any defaulter\u2019s Letter of Credit, these letters of credits are issued
\nin favour of PPMC by first Class Banks and must be Bank Confirmed Prior to
\nan Offtake of the Crude, so in essence NO Letter of Credit , NO Lifting of
\nCrude”.<\/p>\n
“As an Example: NEITI report showing 2011 under delivery of about USD 52
\nMillion in their Table, does not reflect the actual sum, as Inventory
\nwarehousing cost is not applied to this figure. Balance on account of this
\non- going term deal is fully secured, at all times, due to the fact there
\nis an underlying security, always in place, by way of an active Bank
\nissued letter of credit, which in this instance stood at 200 Mil USD in
\nfavour of PPMC during the period stated. As at December 2013, the Balance
\non account shows Taleveras has over supplied in its Delivery obligations,
\nsubject to reconciliation with PPMC”, he stated.<\/p>\n
He insisted that “There has always been an issue when Indigenous Companies
\nare empowered or encourage to partake in a business that has had
\nInternational Dominance for several Years, these Swaps and Offshore
\nProcessing Arrangements have been done in Nigeria Many Years ago and
\ndominated by International Oil Companies, in more Recent Times, we have
\nseen British Petroleum Plc, Operate through a Subsidiary an Offshore
\nProcessing Agreement in Nigeria with NNPC\/PPMC, there was never any
\nbacklash as we have seen now, Nigerian Companies should be encouraged as
\nwe Strengthen Our Economy by the size these activities bring to our
\nBalance sheet, which in turn gives us an opportunity to enlist the
\nconfidence of Local and International Financial institutions, as we strive
\nto Diversify our portfolios to other sectors of the economy, that needs
\ndevelopment, this undoubtedly leads to More Employment opportunities for
\nNigerians. Never before have we seen the Growth of Nigerian Companies in
\nthe Oil and Gas Sector in Africa, where business activities are
\nincreasingly done under International Best Practice. Taleveras has nowhere
\nto go this is Our Country”.<\/p>\n
Taleveras, Mr Kwentua noted, “is made up of Young Enterprising Nigerians,
\nthe Journey for us spans over 13 Years of active and gradual growth,
\nconducting our various Business activities Diligently and Professionally,
\nwe employ a great number of Skilled and Unskilled Dynamic Nigerians, we
\nhave Built a strong Brand that has attracted serious International
\nRecognition doing Business in Various parts of the world and with Top
\nClass Counterparts, so we Take our Reputation and Perceptions Seriously\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Taleveras, Africa’s leading most active supplier of refined petroleum product in and out of the continent, said it is sadden by the possible negative impact of recent media misrepresentation of…<\/p>\n","protected":false},"author":1,"featured_media":24829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-24828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n