Wednesday, 11 December 2019
Wednesday, 11 December 2019 13:43

NNPC set to take measures to curb oil theft

The Nigerian National Petroleum Corporation (NNPC), says it is taking measures to address the menace of pipeline vandalism and crude oil theft in the nation’s Oil and Gas industry.

The Group Managing. Director, Malam Mele Kyari disclosed this at the inaugural Nigeria Extractive Industries Transparency Initiative (NEITI) Policy Dialogue in Abuja on Tuesday.

He said that oil theft had remained a challenge in the industry in spite of some strong interventions in the past.

The NNPC boss noted that the gradual reduction in pipelines vandalism would be sustained through improved collaboration, implementation of Global Memoranda of Understanding (GMoUs), and deployment of appropriate technologies.

Kyari, represented by the NNPC Chief Operating Officer, Upstream, Mr Roland Ewubare listed other measures to curb the menace to include a security architecture with single accountability for national critical infrastructure.

He listed others as industry and regulatory commitment to transparent crude oil and products accounting, the realistic expectation by host communities, and emplacement of sustainable social investment mechanism.

Kyari emphasised the need to inculcate shared values of integrity and transparency across every level of the governance structure for pipeline security, policy refill and enforcement of legal actions on economic saboteurs.

He harped on the need to prioritise and instil in the nation’s teeming youth a sense of patriotism and national orientation.

On the immediate and remote causes of oil theft and pipeline vandalism, the GMD said that most stakeholders were of the view that oil theft was majorly a social problem.

He noted that underlying causes of crude oil theft include poverty in the communities, community-Industry expectation mismatch and corruption.

Others, he noted include ineffective law enforcement, poor governance, poor prosecution of offenders, high unemployment in the communities, thriving illegal oil market involving both Nigerians and foreigners, and inadequate funding of resources to combat oil theft.

He expressed concern that NNPC as an operator, had suffered severe attacks on its facilities.

According to him, between 2001 to mid-2019, NNPC has recorded a total of 45,347 pipeline breaks on its Downstream pipeline network across the country.

Kyari said that for the nation’s economy to prosper, NNPC and other oil companies must be able to operate efficiently and profitably.

“Unfortunately, the combination of crude oil theft, illegal refining and pipeline vandalism has become a major threat to Nigeria in meeting its revenue projections in recent time,” he said.

Also, in his presentation, Edo Governor and Chairman of the National Economic Council (NEC) Ad Hoc Committee on Crude Oil Theft, Prevention and Control, Mr Godwin Obaseki stressed the need to institute a proper governance structure for pipeline security in the Industry.

Obaseki called on the Nigeria Intelligence Agency (NIA) to work with the NNPC in identifying possible international markets and destinations of stolen Nigerian crude oil.

He said that the industry must end the prevailing incentives that make it possible for crude oil theft and pipeline vandalism to flourish.

The governor disclosed that NEC had upgraded the Ad Hoc Committee on Crude Theft to a standing committee with a mandate to provide regular updates to NEC as may be required.

Speaking earlier, the Executive Secretary of NEITI, Mr. Waziri Adio gave gory statistics on the situation, challenging participants at the policy dialogue to come up with practical solutions.

The theme of this year’s dialogue is: “Stemming the Increasing Cost of Oil Theft to Nigeria.”

Published in Business

Turkey’s Foreign Minister, Mevlut Cavusoglu said on Wednesday that the country’s administration will retaliate if the United States takes negative steps against it.

Mevlut said this when asked about the prospect of Washington imposing sanctions over Ankara’s purchase of Russian S-400 defense systems.

In an interview with Turkish broadcaster A Haber, Cavusoglu also said Turkey was open to alternatives to buying U.S. F-35 jets, including from Russia, after Ankara was suspended from the program over the S-400 purchase.

The most notable split has come over Turkey’s decision to proceed with the purchase of Russia’s top-of-the-line missile defense system, the S-400, seen as a threat to NATO defense systems and the U.S. F-35 stealth fighter jet.

However, the commander of U.S. European Command believes both countries have enough in common to salvage the relationship.

“The military-to-military convergence far outweighs the military-to-military divergence with the U.S. and Turkey and with NATO and Turkey,” General Tod Wolters told reporters during an appearance in Washington on Tuesday.

“I saw no cracks in the armor in Turkey’s willingness to work side by side as a NATO partner with us,” he added, referring to talks with Turkish officials during the recent NATO meeting in London. “That’s what I know from my foxhole.”

Published in World

Nigeria’s Minister of Foreign Affairs, Geoffrey Onyeama has said that Nigeria will strengthen bilateral ties with Brazil to boost its economy through increased trade relations, agricultural initiatives, multilateralism, and tackle insecurity.

Onyeama made this known on Tuesday in Abuja when he received Mr Ernesto Aranjo, Brazilian External Relations Minister of Brazil who is on a working visit to Nigeria.

Onyeama who said that both countries had a lot in common, added that Nigeria would leverage on the expertise of Brazil to grow the economies of both countries.

He said that the Federal Government would embark on a lot of initiatives to improve the ease of doing business in Nigeria to make the country more attractive to Foreign Direct Investment (FDI).

The minister said that Nigeria had a lot to offer in terms of return on investment.

“There are numbers of important initiatives that we are pursuing such as the Green Initiative, a very promising initiative that will be a game-changer in the agricultural sector.

“We look forward to cooperating with you in implementing this very ambitious agricultural project which is based on the success and experience of Brazil in the field of Agriculture.

“We also look to have closer and deeper ties, security-wise. We face some security challenges, terrorist challenges for a number of years now.

“And Brazil is one of the countries we also look to explore areas of cooperation in the military field and we hope that this could be something that we can achieve.

“Brazil is one of the largest economies in the world and one of the largest country population-wise and Nigeria is the largest economy in Africa and the most populous country so we have a lot of similarities.

“For such too large economies, we feel that we should be doing a lot in trade between our two countries and the level can be increased much more.

“We have relations in the oil and gas sector and agriculture as well, but we can do a lot more and we are delighted that there is a business group that has come with you from Brazil to explore possibilities,” Onyeama said.

Onyeama also told his Brazilian counterpart that there is a lot of advantage for Brazil for coming to Nigeria and there is a lot of economic advantage that the ECOWAS is able to offer and now.

He told the Brazilain envoy that with the African Continental Free Trade Agreement (ACFTA), Africa could be one of the largest global integrated common markets which should be of major interest to Brazil.

Onyeama said that Nigeria would, in close collaboration with Brazil strengthen multilateralism at the level of the United Nations.

He said that the High Level Strategic Dialogue meeting holding in March 2020 between both countries Vice Presidents would be an opportunity to look into the issues of pending Memorandum of Understanding (MoUs).

Also speaking, Aranjo said that Brazil seeks to have strong and new engagements with Nigeria basically on three pillars; Economic, trade and investment, in the area of Defense and security and on human connection and values.

He expressed conviction on the realization of the set pillars between both countries within a short time frame.

“The Green Imperative Initiative is a wonderful project and we are committed to making it happen.

“Brazil has an enormous potential in term of agricultural technology and Nigeria has potentials in agriculture that totally match.

“Brazil is in a new circle of development after many years of stagnation and the reasons Brazil survived through the difficult years of its economy has been mainly through Agric business.

“The Defence and security area is also promising, we share concerns on the need to fight terrorism and organised crimes.

“In the multilateral sphere, we want to also coordinate with Nigeria to foster a common vision for those organisations in the multilateral dimension,” Aranjo said

Aranjo said that he hopes the strategic meeting between the Vice Presidents of Brazil and Nigeria will set a good roadmap for both countries to achieve the listed areas of cooperation.

Published in News Economy

George J. Laurer, whose invention of the Universal Product Code at IBM transformed retail and other industries around the world, has died.

The former IBM engineer died at the age of 94 in his home in Wendell, North Carolina.

His 1975 invention of the Universal Product Code(UPC) at IBM transformed retail and other industries around the world. Barcodes, which are made up of black stripes of varying thickness and a 12-digit number, help identify products and transformed the world of retail.

They are now found on products all over the world.

The now-ubiquitous marking, composed of unique black bars and a 12-digit number, allowed retailers to identify products and their prices as they are scanned, usually at checkout.

Laurer said in a 2010 interview that grocery stores in the 1970s were dealing with soaring costs and the labor-intensive requirements of putting price tags on all of their products. The bar code led to fewer pricing errors and allowed retailers to keep better account of their inventory.

Published in World
  1. Opinions and Analysis

Calender

« December 2019 »
Mon Tue Wed Thu Fri Sat Sun
            1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31