WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-14 Time: 20:00:02 Posted By: News Poster
By Hamisu Muhammad
A plan by the NNPC to pay off a significant portion of billions of dollars in backlog to importers by the end of August has failed as the corporation settled only $150 million while the debt rose to $6 billion, Daily Trust learnt. The cash-strapped Nigerian National Petroleum Corporation owed $4.9 billion to the importers of petrol and kerosene as at June 30, and at a meeting with them in London in July, NNPC pledged to repay up to $3 billion by the end of last month.
But the repayment plan has not been met and the backlog has increased to $6 billion dollars, according to an oil industry source.
Daily Trust reported in July that the NNPC debt accumulated over a period of several years starting during the Olusegun Obasanjo administration. The report said following threats by the companies to stop importation, NNPC convened the London meeting to reassure them of plans to clear the backlog, saying it would settle $3 billion of the debts by the end of August and the remaining balances would be offset over nine months.
When contacted, spokesman for NNPC Levi Ajuonuma said the corporation was keeping to the payment schedule agreed with the importers in July.
He told Daily Trust last week: “We have had a formal meeting to work out a payment plan. The nature of product supply business is that when a supplier supplies products to you they are given period of time for the payment to be made. The Group Executive Director, Finance, NNPC had met with all our suppliers in London and we are keeping to the payment schedule we agreed on.”
Ajuonuma added: “The nature of the business is a normal thing such that when you buy products you are given time to pay. We are credit worthy as a corporation and the suppliers are still supplying us with the products at least the evidence is that we have 22 days supply.
“We will pay them all the debt…. We are keeping to our words, there is no problem. We appreciate them and they also appreciate the kind of business we do and we have worked out a payment plan which is very critical in any business you do.”
Sources at the NNPC, however, told Daily Trust the debt is beyond NNPC’s control. According to one of the sources the bulk of the money NNPC expects to use to clear the debt is being withheld by the Federal Government, which has yet to pay the corporation over a trillion naira subsidy backlog.
An official at the Petroleum Products Pricing Regulatory Agency (PPPRA) denied the agency is delaying any subsidy payment for NNPC.
“It is not true that PPPRA is holding their money. They deduct their money from the 445,000 barrels of crude oil per day they receive for domestic refineries,” the official said.
The companies being owed by NNPC include Addax Energy, Allemaine Int’l, AMGPetrol, Anglo Energy Corporation, Arcadia Petroleum, Astana Energy Corp, Attock Oil, Base Trade, Belgrave Holdings, BP Oil Ltd, Calson B., Curtis Petroleum, Delaney Petroleum, Duke Oil Com, Folawiyo Energy, Glencore Energy, J&S Services, JPM Supply, Linetrale Energy, M.R.S. Oil & Gas and Matrix Energy.
Others are Mid Atlantic Fuels, Napoil, Netura, Nigermed Pet, Oil & Gas Trading Co, Onmart, Orpington Trading, Ovlas S.A., Pennington Energy, Performing Energy, Petroldel, Raydric General Trading, Sahara Energy, Sanduff Oil & Gas, Shell Western, Sullam Voe, Sunray Petroleum, Total Int’l, Trafigura Beheer BV, Vitol SA and World Wide Energy.
Local and foreign importers get quarterly fuel importation contracts from the NNPC through its subsidiary, the Products and Pipelines Marketing Company (PPMC), and payment is supposed to be made 45 days after the notice of readiness for vessel to discharge at Lagos offshore.
But bureaucratic bottlenecks and other factors delay payments by up to 275 days after submission of invoices, leading to the piling up over the years of the hundreds of billions in debts. Accumulation of interest at 1.4 per cent per annum also contributed, a source said.
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Original date published: 13 September 2010
Source: http://allafrica.com/stories/201009140139.html?viewall=1