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Subsidy Panel Indicts International Energy Trading Company Vitol Oil

By on February 9, 2012

The House of Representatives adhoc committee investigating the fuel subsidy regime has made some progress in getting to the bottom of the matter as it has indicted international energy trading company Vitol Oil as responsible for aiding and abetting fuel importers circumvent Central Bank rules, and causing economic damage to the country.

Vitol Oil is one of the world’s largest petrol marketing companies, along with companies such as Trafigura and Glencore. Glencore just recently completed a US$ 65 billion merger with a mining company, Xastra, making it a US$ 90 billion company.

Trafigura and other international oil trading companies are scheduled to be robed by the committee next week.

The controversy surrounding Vitol and other similar companies borders on their practice of shipping millions of metric tons of fuel to Africa and then anchoring their ships offshore Cotonou or offshore Lome for onselling of their products to fuel importers. The reason the oil traders engage in this practice according to the CEO of Vitol, Rodney Gavshon,  “ It is all about getting paid in dollars.”

Gavshon further revealed to the committee that ships that anchor on international waters are also not subject to payment of the same levies, duties or taxes that ships that berth at the port have to pay.

Ali Ahmed, a member of the committee, addressing the Vitol boss queried, “You go offshore Cotonou but you didn’t ask yourself why? When you are selling to NNPC directly you berth in Lagos but when you are selling to private individuals you go offshore Cotonou and offshore Lome. You are assisting some importers to circumvent the rules and regulations of the country. Certain companies have been involved in daylight robbery. You can’t claim ignorance of double dealing even CBN can’t claim ignorance of this. With your good name, Vitol, didn’t this prick your conscience?”

 

  • http://profile.yahoo.com/RRPNN6VOA552SNXRXV4LPXP654 Hanacho

    THESE GUYS MUST PAY , JAILED IN NIGERIA PRISON.

    NO WHERE EXCEPT KIRI KIRI .

    FREE OIL IS GONE ABI AND NIGERIAN ARE CORRUPT ABI.

    NOW THE WORLD WILL KNOW THE REAL CORRUPT PEOPLE.

    THEY STEAL OUR OIL FOR FREE WITH IDIOTS WHO REPRESENT NIGERIA.

    ABUSE US AS POOR NATIONS AND CRIMINALS COUNTRIES.
    EVERY DAY THEY ADVISE THERE CITIZENS TO STAY AWAYS FROM NIGERIA WHILE THEY ARE THE ONES CREATING ALL THE BASELINE PROBLEMS.

    MOCKING OUR LEADERS AND CALLING THEY FOOLS.

    THE MIGHTY HAND OF NIGERIAN LAW WILL HIT ON THEM.

    NNPC DONT NEED FIXING .

    ITS REQUIRES TOTAL CLEANING .

  • http://profile.yahoo.com/RRPNN6VOA552SNXRXV4LPXP654 Hanacho

    We pride ourselves on our commitment to embracing the nuances, dynamics and unique sensitivities of local markets. Vitol is a partnership, and one that looks to form external partnerships based on fair and mutually agreed objectives wherever in the world we are doing business.
    We employ the best local people and use their expertise and experience to ensure that wherever we are doing business, we are sensitive and alert to the cultural, economic, political and environmental concerns of the community. There is no imposition of ‘one size fits all’ solutions dreamed up in a distant Head Office. Rather, we form partnerships born of common interest and long term sustainability.

  • http://profile.yahoo.com/RRPNN6VOA552SNXRXV4LPXP654 Hanacho

    BROS —

    CHECK THE MEANING OF NUANCES AND APPLY IT TO THE CORRUPT PRACTICE