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The Petroleum Solutions Marketing and advertising Organization (PPMC) received a total of $205.2million from Duke Oil for goods traded involving January 2016 and September 2017.

PPMC Managing Director, Umar Ajiya told Property Representatives Ad-hoc Committee investigating alleged income leakages in the Oil and Gas sector in the period under review.

The Deputy Manager, Public Affairs Division, Mohammed Umar, created this known in a statement yesterday.

He mentioned the products traded inside the period, have been fuel flow (Low Pour Fuel Oil) and NAPHTHA.

He said as a fall-out of the on-going restructuring of the NNPC, it was agreed that Duke Oil be provided the two solutions to sell on behalf of the NNPC in line with its mandate as international trading organization as well as a wholly owned subsidiary of NNPC.

β€˜β€™The present operating model allows PPMC to pass the volumes to DUKE OIL to trade and remit to the PPMC, both the value of solution invoiced it and administrative charge,’’ the MD stressed.

He said the arrangement was not intended to produce a monopoly, but rather to empower Duke Oil to function appropriately, pointing that no money missing anyplace.

Duke Oil prior to now, was not operating like it need to as an international trading business.

The chairman of the committee, Rep. Jarigbe Agom Jarigbe, requested for more documents to help the presentation summited to the Committee.

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