Taleveras explains crude oil swaps with NNPC
Taleveras Group has denied claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) in its audit report that it under-delivered 152,308,878 litres of petroleum products in 2011.
NEITI had recently in its audit report presented to the National Assembly fingered four oil companies, including Taleveras Group, of under-delivering 500,075,239.3 litres of petroleum products worth $8 billion.
But speaking in Lagos, at the weekend, Senior Trading and Supply Executive of Taleveras Petroleum, Leonard Kwentua, explained that his company’s supply of gasoline under the swap arrangement were proactive activities with the accounts reconciled quarterly to determine what was oversupplied or undersupplied.
According to him, the barter arrangement was a major factor responsible for the sustainability of supply and availability of gasoline (petrol) across Nigeria, adding that there was an underlying security in form of a standby letter of credit in favour of the Petroleum Products Marketing Company (PPMC).
From left: Minister of Finance Dr Ngozi OkonjoIweala, South African Minister of Finance Mr Pravin Gordhan and Executive Secretary of African Capacity Building Foundation (ACBF) Prof. Emmanuel Nnadozie during the African Ministers of Finance meeting in Abuja on Saturday.