With the oil sector reputed to be highly corrupt, energy companies, Aiteo and Atlantic Energy are heading for a major investigation as the companies have been alleged to have unfairly exploited its Offshore Processing Agreements (OPA) and lifted crude beyond its entitlements from the upstream Strategic Alliance Agreements, SAAs.
Aiteo and Geneva-¬based, Nigerian-¬owned trader, Sahara each signed a two–year OPA in November that took effect in January to deliver products against roughly three 950,000 barrel cargoes a month. A general rule of thumb equates approximately 120,000 tons of gasoline or kerosene to each standard cargo of crude. Contracts seen by Energy Compass outline a process requiring the counterparty to specify products and parcel sizes, delivery date range and discharge port within a week of loading the crude. Aiteo’s contract requires products to be supplied within two months of crude loading.
Traders and NNPC insiders allege that by late March, Aiteo was more than 20 cargoes in arrears on the new deal. Analyzing these complex arrangements is not easy, but data obtained by Energy Compass for products shipped against January and February loadings indicates some shortfall and suggests Aiteo was casual in following contract process. For example, after loading two cargoes in January, Aiteo nominated 110,000 metric tons of dual purpose kerosene against one cargo but showed few plans to offset the other, listing only product delivery dates, with gasoline and vessels to be arranged later.
http://perfectbrandsng.com/oil-swap-fraud-aiteo-atlantic-energy-faces-investigation/
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