Oil price drops as Nigeria battles shortage

Nigeria Liquifies Narural Gas (NLNG) Limited has denied a report that senior officials of the company and those of the Nigerian National Petroleum Corporation (NNPC) Limited are operating illegal international cartels and illegally shipping more than $1 billion worth of oil in the United States and the South. American countries.
A statement signed Thursday by Andy Odeh, managing director of external relations and sustainability, called the report “false and malicious”, adding that it was clearly calculated to cast the company and its executives in a bad light.
According to Odeh, no opportunity was given to the Company to react or respond to the allegations prior to their publication.
“Clearly, the report is at best a figment of the author’s imagination. Either the author of the report was simply mischievous, or he has a totally deficient knowledge of the dynamics of the global LNG industry”.
To set the record straight, NLNG stated that LNG deliveries from its Bonny terminal comply with all regulatory requirements for the export of its products and are made under various sales contracts to term and cash to destinations not limited to Europe, the Far East and the Greater Middle East. , North America and South America.
“…Thus, securing NLNG’s position as a competitive and significant global LNG supplier, promoting the Nigerian brand.
“NLNG is a responsible corporate citizen that operates its business on sound business principles and ethics in accordance with the requirements of relevant Nigerian and global laws and regulations.
“Since commencing operations in October 1999, NLNG has never engaged in, and has never engaged in, the ‘illegal’ or ‘stolen’ export of LNG or any of its products, and NLNG n is involved in any international cartel, as alleged. It is simply not true that “…the illegal export continues with the support of some NLNG actors”.
Adeh explained that the LNG trading undertaken by the company is bound by strict protocols and controls, and therefore does not lend itself to the type of illegitimate schemes alleged in the report.
“Contrary to the paperless LNG export claim, records exist for every shipment of product loaded by the company since it began operations, along with fully accurate accounts of destinations, quantities loaded and unloaded, and revenues. associates on each cargo, and these are demonstrable.
“In each of the past fiscal years, including the periods discussed in the report, shareholders of NLNG, which includes NNPC and three IOCs, have never reported that any shipment or product of the company has been lost or missing. Indeed, the possibility of such an event happening is beyond comprehension,” he said.
For the avoidance of doubt, NLNG reiterates that the report paints a grossly incorrect picture of the company’s business and its LNG business and is in stark contrast to the company’s vision as a globally competitive LNG company contributing to build a better Nigeria.
NLNG demands an “immediate retraction of the false and malicious report in its entirety”, in addition to an apology, which it says must carry as much weight as the original report, as the legal rights of NLNG and its impacted staff are fully reserveBacking.

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