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Shell staying - amid vandalism on crude oil pipelines

17 May 2016, 18:50

Abuja - Despite militant attacks Shell remains committed to staying in Nigeria, Naija24 News reported. 

Managing Director of The Shell Petroleum Development Company of Nigeria Ltd, Mr. Osagie Okunbor, said, "We’ve made it clear that we are here for the long haul. Shell is not leaving Nigeria. Our strategy in Nigeria is to optimise our onshore oil footprint while making further investments in other growth areas, particularly in deep water and the gas value chain, including domestic gas".

Minister of State for Petroleum Resources, Ibe Kachikwu, while appearing before a special session of the House of Representatives convened over the recent hike in petrol price on Monday, stated that the decline translated to a loss of about 800,000 barrels of crude oil daily, Premium Times reported.

Kachikwu said the losses were due to increased vandalism of crude oil pipelines by vandals in the Niger Delta region.

According to Naija 24 News, Okunbor remained optimistic saying the business climate is challenging both in terms of local and international pressure points such as the collapse of the oil price and instability in the World. However Okundor, remains optimistic about the enormous opportunities Nigeria possesses.

The increase of crude oil in the international market has fueled fears that the price of petrol is set to increase again in Nigeria. The price of Brent, the bench mark crude oil, rose to 48.89 dollars a barrel from 45.52 dollars.

- News24 Nigeria


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