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Swiss Oil Company, NIMEX, Sanctioned by PPPRA

By on May 7, 2012

The Petroleum Products Pricing Regulatory Agency (PPPRA) has penalized a Swiss Oil trading firm for violating its policies regarding the supply of Petrol to Nigerian marketers.

NIMEX Petroleum Limited was penalized for failing to provide documentation relating to cargo shipment transactions.

The Executive Secretary of the PPPRA, Mr. Reginald Stanley said NIMEX refused to show documentation o its shuttle vessels, which loaded from the mother vessel as well as its documentation on the cumulative load-outs.

He said the company was thus, ““suspended from supplying cargoes to Nigerian marketers under the Petroleum Support Fund scheme, pending the provision of the necessary documents.’’

In addition, Stanley also warned marketers not to purchase petrol from NIMEX, stating that companies that refused to comply would not have their subsidy payments processed.