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Taleveras clarifies crude oil swaps with NNPC

01 April 2014, 18:22

Abuja - Taleveras Petroleum says it is untrue the company has 152.31 million litres of undelivered gasoline under Federal Government’s Crude Oil Swap Arrangement.

Senior Trading and Supply Executive of the company, Leonard Kwentua, said the figure the Nigerian Extractive Industries Transparency Initiative (NEITI) presented before the House of Representatives was for a product value of $52.31 million.

He said the Pipelines and Products Marketing Company (PPMC) had clarified that the figures for 2011 had been fully reconciled and all outstanding accounts addressed.

The company official said NEITI had previously refuted another report which claimed that the country was losing $8 billion annually from the arrangement.

“Taleveras’ supply of gasoline under the swap arrangement is part of ongoing activities and accounts are reconciled quarterly to determine what is oversupplied or undersupplied.

“This barter arrangement is a major factor responsible for the sustainability of supply and availability of gasoline across Nigeria,’’ he said.

Kwentua said international financial institutions were sensitive to sensational reports, as the inaccurate ones did more harm than good to the petroleum market.

“It is on record that Taleveras is one of the most active suppliers of refined petroleum products in and out of Africa,’’ he said.

-      NAN

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