We’re not opposed to Agip Oil share sales to Oando -NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has said that it was never opposed to the sale of the shares of Agip Oil Company to Oando Plc. In a statement signed by the Chief Corporate Communications Officer of the company, Garba Deen Muhammad said the letter to Agip Oil did not indicate it was opposed to the deal. In a letter to the Managing Director of Nigerian Agip Oil Company Ltd, dated September 4, and signed by Managing Director of NNPC E&P Limited, Ali Muhammed Zarah, NNPCL said if the deal goes through, it would have far-reaching contractual/legal implications in relation to the joint Operating Agreement dated July 1991 governing the operations of the NAOC/NEPL/OOL Joint venture. NNPCL said in the letter that its consent as a member of the joint venture member operating ENI’s onshore asset, was not obtained before the planned divestment to Oando. This it said was against contract rules governing the joint venture operation, and could affect the deal. The statement reads, “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC. This is not correct.  “NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter. “NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future.” Oil major Eni had in a press release saying that it had signed an agreement with Oando, an energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange, for the sale of all its stake in Nigerian Agip Oil Company Ltd (NAOC Ltd), a wholly-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.

NIMASA moves floating dock to new Dolphin Jetty

The Nigerian Maritime Administration and Safety Agency (NIMASA)’s floating dock would be moved to its new site by a Nigerian-registered company, Melsmore Marine Nigeria Limited. The floating dock will be moved from the Naval Dockyard to the waterfront of the Dolphin Jetty at the Nigerian Ports Authority (NPA) Dockyard which used to be the Continental Shipyard. Mr Danny Fuchs, the Managing Director, Melsmore Marine Nigeria Ltd, confirmed the development in a statement on Friday in Lagos. Fuchs said they were committed to executing their project. “Our job is to move the Modular Floating Dock from the present location to the waterfront of the Dolphin Jetty at Apapa. “THSD SEA LION which occupied the leased area at the water front have vacated the jetty now. We have a commercial understanding with NIMASA on how to execute this project,” he said. He noted that they had submitted a feasibility study taking note of the mooring system required to anchor the modular floating dock at the Dolphin jetty. Fuchs said the mooring system supplied by the manufacturers of the modular floating dock was made up of two steel piles of 36 meters length, two meters in diameter and a weight of roughly 48 tonnes each. He said these massive piles need to be driven about 20 meters into the seabed, adding that they would bring their expertise to bear in carrying out the project. “We also hope to invite the manufacturers, Damen Shipyard, to join forces in achieving this relocation project,” he said. While addressing the officials of Melsmore, the Director General of NIMASA, Dr Bashir Jamoh, emphasised the need for them to review the action plan in the light of realities on ground with detailed deliverables, and key performance indicators with clearly stated timelines. “Nigerians eagerly await the deployment of the modular floating dock. This is a national asset, which has potential to boost maritime trade, create jobs, develop skills, by providing training avenues to various maritime training institutions in Nigeria. “It will also attract foreign investment and prevent capital flight, thereby generating revenue,” he said.