Crude Affreightment: #NIMASA Revives Move to Change Terms of Trade ; Seeks new maritime security strategy. #NIMASAPressCentre #TeamNIMASA
@nimasaofficial has revived efforts to change the Terms of Trade for the affreightment of Nigerian crude oil from Free on Board (FOB) to Cost Insurance and Freight (CIF).
Director-General of #NIMASA, @JamohBashir disclosed this in Lagos, when he received a delegation from the Nigerian National Petroleum Corporation (NNPC) led by the newly appointed Group General Manager, Crude Oil Marketing Division, NNPC, Sir Billy Okoye.
@JamohBashir who had recently paid a similar working visit to the Group MD @NNPCgroup Mele Kyari, expressed NIMASA’s appreciation of @NNPCgroup for accommodating the Agency’s interests in transactions where the maritime regulator relied on data from the national oil company.
“Since 2018, #NIMASA has championed moves for a change in the terms of trade with regard to transportation of Nigerian crude oil, from FOB to CIF to ensure greater benefits for the country from its oil resources,” DG stated.
“A technical committee involving NIMASA, NNPC, and other stakeholders would be set up to develop a template for the desired change, with workable timelines,” @JamohBashir added.
@JamohBashir commended the synergy between @NNPCgroup and #NIMASA, saying, “Seventy per cent of the Agency’s revenue comes through the sale of crude. Thus, cooperation between NNPC and NNPC cannot be over-emphasised.”
The NIMASA DG also disclosed,”The Maritime Intelligence Unit recently established by the Agency is part of efforts to ensure a proactive approach to security in our waters.
While addressing the meeting earlier, Okoye declared that NIMASA was a “critical stakeholder in the business of crude oil sale.”
He said his goal was to get the two agencies of government interfacing more closely with each other to resolve challenges and ensure seamless movement of crude and petroleum products in the country.#TeamNIMASA #NIMASAPressCentre
