" ITREALMS: NLNG rebuts media reports on $1.2bn gas theft - ITREALMS


NPA saves $326.895m from agreement with INTELS - ITREALMS

Sponsored@ITREALMS ... making leadership SENSE with digital news! The Nigerian Ports Authority (NPA) has explained how INTELS Nigeria Limit...

Friday, August 12, 2022

NLNG rebuts media reports on $1.2bn gas theft - ITREALMS

ITREALMS ... making leadership SENSE with digital news!

The Nigeria LNG Limited (NLNG) has rebutted a media report entitled "How govt officials facilitated $1.2bn crude oil, gas theft' describing it as a total false publication, reports 
The company in a press statement available to 
ITREALMS late Thursday, and signed by General Manager, External Relations and Sustainable Development, Mr. Andy Odeh, NLNG said its attention has been drawn to a publication in the Vanguard Online of 10th August 2022 under the above caption.

"The report is false, malicious and deliberate as it is a rehash of fallacious claims reported in an online media channel in January 2022.

"NLNG had responded to the allegations, clearly stating the facts, yet Vanguard Online published the same allegations with no prior opportunity offered to the Company to react or respond to the assertions. The rehash in Vanguard Online is obviously calculated to cast the Company and its leadership in bad light."

To again set the records straight, NLNG, he clearly stated that: "deliveries of LNG from its Bonny Terminal complies with all regulatory; requirements for the export of its products and are made under various LNG ; sales contracts s to destinations not limited to Europe, but also to the Far East, Greater Middle East, North America and South America, thus ensuring NLNG's position as a significant competitive global LNG supplier, promoting the Nigerian Brand.; NLNG is a responsible corporate citizen operating its business according to strong business principles and ethics in accordance with requirements of relevant; Nigerian and global laws and regulations.

They insisted that from the commencement of its operations in October 1999, NLNG has never, and does not, engage in “illegal” exportation of LNG or any of its products, nor is NLNG involved in any international cartel, as alleged. It is simply not true that “… the illegal exportation is still ongoing with the backing of some top officials of government”. The LNG trade undertaken by the Company is bound by strict protocols and controls, hence not amenable to the kind of illegitimate schemes alleged in the report.

In addition, they stated that contrary to the allegation of export of LNG without paperwork, records exist for every single cargo of product loaded by the Company since it commenced operations, together with fully accurate accounts of destinations, quantities loaded and unloaded and related earnings on each cargo, and these are demonstrable. For each of the past financial years which are periodically
audited, including the periods alluded to in the report, the Shareholders of NLNG, which includes NNPC and three IOCs, never reported that any cargo or product of the Company was lost or unaccounted for. Indeed, the possibility of such happening is beyond comprehension.

"For the avoidance of doubt, NLNG restates that the report paints a very incorrect picture of the Company’s business and its LNG trade and is at complete variance with the Company’s Vision as a globally competitive LNG Company helping to build a better Nigeria.

"NLNG demands an immediate retraction of the false and malicious report in its entirety,
in addition to an apology, which must be given as much prominence as the original

Odeh pointed out that the legal rights of NLNG and its impacted personnel are fully reserved.

No comments: