PPMC recieves $205m from duke oil for traded products

The Petroleum Products Marketing Company (PPMC) received a total of $205,203,891.09 from DUKE Oil for products traded between January 2016 and September 2017.
PPMC Managing Director, Mr. Umar Ajiya told House Representatives Ad-hoc committee investigating alleged revenue leakages in the Oil and Gas sector for the period under review, according to the Deputy Manager, PPMC Public Affairs Department, Mohammed S. Umar in a statement yesterday.
He said specifically the products traded within the period were FUEL OIL (Low Pour Fuel Oil) and NAPHTHA.
According to him, as a fall-out of the on-going restructuring of the NNPC, it was agreed that DUKE OIL be given the two products to sell on behalf of the NNPC in line with its mandate as international trading company as well as a wholly owned subsidiary of NNPC.
‘’The current operating model allows PPMC to pass the volumes to DUKE OIL to trade and remit to the PPMC both the value of product invoiced it and administrative ion charge’’, the MD stressed.
He explained that the arrangement was not intended to create a monopoly but rather to empower DUKE OIL to function properly and there was no money missing anywhere.
DUKE OIL before now was not operating like it should as an international trading company.
The chairman of the committee, Rep. Jarigbe Agom Jarigbe requested for more documents to support the presentation summited to the committee.
Some Newspapers have earlier quoted the MD out of context on the remitted figure and the statement that DUKE OIL do not cooperate with PPMC in making their remittances while reporting the presentation to the committee.
The MD did not make the statement credited to him.
Mr. Ajiya implored correspondents to always check facts before going to press to avoid misquotation, litigation and for the common good.