,
7 tweets,
3 min read
Read on Twitter
GIMBA THINKING LIKE A SINE WAVE
Now that Saudi has shut-in 5.7 Million bpd is a good time to address @gimbakakanda's OP-ed to @AJEnglish. A prose without any iota of intellectual value. The ignorance in all the unempirical inferences he made can be viewed from outer space.
Now that Saudi has shut-in 5.7 Million bpd is a good time to address @gimbakakanda's OP-ed to @AJEnglish. A prose without any iota of intellectual value. The ignorance in all the unempirical inferences he made can be viewed from outer space.
@gimbakakanda simply usurped a free media space to project his chronicle of myopia about Nigeria at the international scene. From current global crude supplies position, South Africa's ambassador to Nigeria will lose his job, if he doesnt move his mattress to Aso Rock this night.
South Africa hasn't a drop of oil for its refineries, but purchase it through a system called single point mooring (SPM), located somewhere around coast of Durban. S-Africa manipulates supplies to the SPM between Saudi & Nigeria at nearly 50-50, depending on the strength of Rand.
With Saudi's supply chain leg to SAPREF SPM open, just 48hrs interruption of supply from Nigeria to S-Africa push up fuel price in S-Africa by as much as 65cents. S-Africa's SAPREF take out immediate hedging positions to protect fuel price on such occasions. Now Saudi is gone. 😛
@gimbakakanda's confusion manifested in his admission that S-Africa's oil imports from Nigeria is $3.83bn, while Nigeria's import from S-Africa is $514.3m. In terms of trade balance, its like saying a tenant is richer than his landlord because tenant drives a more expensive car.
That's how one Aunty ITK saw pictures of Saudi's Control Room and she and Onyenkuzi began to use it to rubbish Nigeria. I said then that we can do it, but will never do it bcos of security vulnerabilities. See Saudi with its control room now inside life.
The economic effects of Nigeria's severance from S-Africa isnt arithmetic as @gimbakakanda misjudged it. South Africa's GDP will take a big hit, if Nigeria stop selling oil to SAPREF. Ironically, many dont know MTN isnt their biggest interests in Nigeria. They have oil blocks. 🙂
