Fuel Imports: We Overstretched Our Supply Target – Telveras

 

Fuel Imports: We Overstretched Our Supply Target – Telveras

By Chika Izuora

— April 2, 2014

 

one of the firms involved in the product swap measure introduced by the Nigerian National Petroleum Corporation (NNPC) to maintain stable petroleum product supply, Televeras Group, said it actually over supplied products under that arrangement.

The company refuted report ostensibly issued by the Nigerian Extractive Industry Transparency Initiative (NEITI) claiming it under-supplied refined petroleum products under the crude swap arrangement with the pipeline and products marketing company (PPMC), a subsidiary of  the NNPC.

According to the chief executive officer of Televeras Group, Igho Sanomi, the misleading report emanated from the ongoing investigation into crude oil swap arrangements and the alleged under-supply of refined petroleum products imported into the country being conducted by the House of Representatives Joint Committee on Petroleum Resources (Downstream and Upstream)/Judiciary.

Clarifying the situation in a statement made available to Leadership, he said the news report had relied on an earlier statement by NEITI which alleged that four firms’ under-supplied 500,075,239.3 litres of products under the crude swap arrangement. In the report it was alleged that Taleveras supplied 152,308,878 litres.

But Igho stated that, “We at Televeras wish to state that the 152,308,878 litres put against our name is totally incorrect.The NEITI report quoted in the report actually alleged that we under-supplied 52,308,878 litres of refined petroleum product, but this is also inaccurate as we had oversupplied during the period in question.

“The swap transaction is an on- going activities where accounts are reconciled quarterly to determine what is oversupplied or under supplied and accounts are closed. It is on record that Taleveras is the number one supplier to PPMC on record under the swap and we are used as an example.”