Taleveras ex­plains crude oil swaps with NNPC

Daily Trust - - NEWS - PHOTO

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.

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