Some of these publications are misleading, grossly inaccurate, it is thus proper to set the record straight.
One of Taleveras core activities since
2000, is sourcing, trading and engaging in third party contracts,
inclusive of oil and gas upstream operations. Taleveras due to its
capacity, trading expertise and financial strength, continues to source
and engage in procuring third party oil contracts. Taleveras performs on
these contracts handling the physical delivery, risk management and
logistics from start point to its numerous first class end users and
major refiners. This process involves verification of the contracts with
the issuing authority to authenticate and further compliance with our
lending banks internal due diligence processes. This is no different
from International Trading Standards performed by the numerous
international and major oil and gas companies operating in Nigeria.
As it relates to the US department case
against Atlantic Drilling, please note that Taleveras and the other two
major oil trading houses (Glencore and Arcadia) were not faulted for
embarking on a legitimate transaction, as all payments were made based
on legitimate third party contracts with private companies and not NNPC.
This is indeed compared to a buyer of a
property who embarks on verification of property title documents with
the issuing authority and upon verification, goes into a sales contract
and then makes contractual payment to the seller. The Buyer certainly
has no control in whatever the seller does with his proceeds from the
sale.
In concluding, the ultimate aim of
contracting is to off-take crude oil from asset productions. It is
worthy to note that neither Taleveras nor its associated companies
lifted any oil from this production through Atlantic. Terms of the
agreement were breached and hence a legal dispute and appropriate
filings made in respected court of jurisdiction.
We will thus refrain from making further comments.
Thank you.
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