Connect with us

Finance

Nigerian Crude Oil now Preferred over Russian by Poland

Published

on

PKN Orlen - Nigerian Crude Oil now Preferred over Russian by Poland

In order to reduce the Poland’s reliance on Russian Supplies in Oil – Polish Oil Refiner PKN Orlen had approved the first shipment of Nigerian Crude oil Next Month November.

PKN Orlen - Nigerian Crude Oil now Preferred over Russian by Poland

PKN Orlen – Nigerian Crude Oil now Preferred over Russian by Poland

On Nigerian Crude Oil – State-run PKN Orlen, Poland’s biggest refiner, and smaller rival Lotos, which it is taking over, rely mostly on Russian oil delivered via pipelines built in the 1960s but both have increased purchases from other sources.

“Nigeria is our new source of supplies we are exploring. Currently, a batch of 130,000 tonnes of Nigerian oil is on its way to Poland. It is expected to arrive at Naftoport (in Gdansk) in mid-October,” PKN’s Chief Executive Daniel Obajtek told Reuters in an interview last week.

“If tests confirm the assumed yields structure and margins, further oil supplies from Nigeria will be a viable option,” he said.

PKN Orlen signed a long-term agreement on regular oil supplies with Saudi Aramco in 2016 and since then both PKN and Lotos have also purchased oil from Iran and the United States.

READ ALSO

Oil supplies from Russia account for around 70 percent of all oil deliveries to PKN, down from around 90 percent in 2015.

“There are also tankers sailing to us from other new directions, but at this stage it is too early to talk about it. We are holding discussions on medium- and long-term oil supply contracts with a number of parties, including US partners,” Obajtek also said.

Obajtek said that the deteriorating quality of Russian Urals crude was also prompting PKN to diversify its supplies.

“Generally, the lower quality may impact contract prices, as it affects our yields,” Obajtek said but declined to comment on whether PKN is negotiating new contract prices.

PKN Orlen is taking over Lotos as part of a plan announced in February to improve its negotiating position in oil purchases and to increase investment capacity.

“We are in the pre-notification phase and we are preparing to submit a merger clearance application, with some guidance already in place. We intend to file a draft application by the end of the year, which will formally trigger the process of negotiations with the European Commission,” Obajtek said.

Continue Reading
Advertisement

ADVERTISEMENT

ADVERTISEMENT

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Customs Corner

JBPT Sector 2 Records Seizures Worth N1.6 Billion Within Six Months

Published

on

Author: Abass Quadri.

The Joint Border Patrol Team (JBPT) Sector 2, Southwest Zone, has recorded seizures of illegal goods, with a Duty Paid Value of N1.6 billion.

Deputy Comptroller Mohammed Shuaibu in charge of JBPT Sector 2, availed the team’s activities under his stewardship in a press briefing held at Abeokuta on Wednesday, 24 April 2024.

The coordinator noted that the team’s area of responsibilities, which covers all six southwestern states, is mandated to “curbing anti-smuggling activities, channelling of procedures, and combating other cross border crimes that threaten Nigeria’s national and economic security.

“The sector wishes to announce the seizures of illegal goods, which include Cannabis Sativa, secondhand clothings, and means of conveyance smuggled into the country with a Duty Paid Value of N1,663,646,360 and petroleum products valued at N52,486,215 which were auctioned out due to their inflammable nature.”

According to him, the seized goods were recorded between November 2023 and April 2024, adding that “no fewer than 15 suspects were arrested with some charged to court and others prosecuted”.

Handing over the seized Cannabis Sativa at Ogun II Command to the representative of the National Drug Law Enforcement Agency (NDLEA), Deputy Commandant Narcotics Ogun state, Nnyigide Alexander, DC Shuaibu commended the dedication, doggedness and professionalism of officers involved in the interception of the substances which would have caused more security threat.

On revenue generation, the border drill coordinator stated that N36,318,727 was generated through the issuance of Demand Notices (DN) on vehicles and other goods improperly imported into the country.

Receiving the seized Cannabis Sativa, DC Alexander thanked Shuaibu for his hard work, adding that this synergy fulfils the existing Memorandum of Understanding (MOU) between NCS and NDLEA.

In his words, “I feel highly happy that we are doing what we call sister agency collaboration, which has led to the result we have here. I expect to see more in the future because I know they are capable.”

Similarly, DC Shuaibu, who was also on a working visit to Seme and Ogun 1, Idiroko Area Commands, also handed over seized Cannabis Sativa to representatives of the NDLEA at Seme.

Continue Reading

Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

Published

on

Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

Continue Reading

Customs Corner

CGC Adeniyi Meets NFIU DG, Reiterates Commitment to Enhance Border Security

Published

on

Author: Muhammad Bashir.

The Comptroller-General of Customs (CGC), Bashir Adeniyi, had on Tuesday, 16 April 2024, received in audience the Nigerian Financial Intelligence Unit (NFIU) delegation, led by Director General Hafsat Bakari, at the Service’s Headquarters in Abuja.

CGC Adeniyi’s meeting with DG Bakari centred around sealing a strong partnership that will enable the two agencies to take measures of enhancing border security through intensifying onslaught against smugglers and money launderers and other terrorism financing activities.

The CGC, while addressing the NFIU officials, congratulated DG Bakari for her appointment to head the organisation. He expressed Nigeria Customs Service’s commitment to support NFIU by way of establishing a joint team that will be tasked to address some pressing issues.

“I want to wish you a successful tenure. I see, through your passion, your commitment to Project Nigeria, and I also see the collaborative spirit that you brought on board. These are all things that I share also because I believe that we can draw strength from each other, assist ourselves, and get things done.” the CGC said.

“We need to form an internal team that will be drawn up from our side to review those outstanding issues so that we begin to see, in a determined effort, what we can do,” he added.

Speaking earlier, the NFIU Director-General, Hafsat Bakari, applauded the NCS’s resilient commitment to safeguarding Nigerian borders, particularly in combating smuggling activities.

Emphasising the importance of information sharing, Mrs Bakari highlighted that her visit to the Headquarters of the Nigeria Customs Service is to establish a cordial relationship with the service in intelligence sharing.

She said, “We recognise the vital role of the NCS in protecting Nigeria’s borders, preventing the smuggling of illicit goods, but also in ensuring that those who import goods into our country pay the appropriate fees and levies that are due to the federal government.”

According to her, the ultimate goal of the NFIU was to ensure the safety and prosperity of Nigeria, adding that “we want to make sure that we have efficient systems processes and technologies in place to identify the smuggling of currency and other high-value items.

Continue Reading

Trending