Procurement News Notice |
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| PNN | 6091 |
| Work Detail | Four months after an initiative of the Nigerian National Petroleum Corporation (NNPC) was commenced to make forex available to fuel importers through a support scheme from some International Oil Companies (IOCs), stakeholders have indicated that the impact of the intervention has not really impacted their operations as a lot of funds denominated in naira were still in their bank accounts waiting to be converted to dollars, The Sun reports. Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore, hinted that from April till date, only $400 million had been made available to MOMAN and others in forex through the intervention of the IOCs. Head of Energy Research, Ecobank Transnational Corporation, Mr. Dolapo Oni, added that only 18 per cent of the forex demand of fuel marketers was made available to them by the CBN, hence the challenge of liquidity squeeze. However, with several crude oil grades under force majeure due to militant activities, the Director General, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, said as long as the onslaught on oil and gas assets by agitators continue unabated, revenue projections of the IOCs will continue to dip, thereby making it difficult for them to fulfil their promises to fuel marketers in order to ease the forex challenges. |
| Country | Nigeria , Western Africa |
| Industry | Financial Services, Oil & Gas |
| Entry Date | 15 Oct 2016 |
| Source | http://energymixreport.com/iocs-unable-meet-fuel-marketers-forex-demand/ |
