Nigeria’s Oil Exports Under Threat From Theft Crackdown

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  By Libby George LONDON (Reuters) - Nigeria's latest effort to combat theft could imperil its oil income lifeline, compounding the damage the crude price fall has done to its finances, access to dollars and imports. Oil traders and shipping brokers said a newly implemented "letter of comfort" requirement under which vessel owners must sign a guarantee that their … [Read more...]

Nigeria Lifts Nonsensical Tanker Ban

File Photo: Shutterstock/Nightman1965

  LONDON, Sept 10 (Reuters) - Nigeria has lifted a ban on 113 vessels into its territorial waters, a letter from the NNPC seen by Reuters on Thursday showed. The letter, dated September 8, said the president had approved the consideration of all incoming ships subject to a letter guaranteeing that they are free and will not be used for any illegal activity. It … [Read more...]

Nigeria’s Sudden Tanker Ban Dumbfounds Just About Everyone

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  By Libby George and Julia Payne LONDON/ABUJA, Aug 5 (Reuters) - The Nigerian president's sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country's waters has sown confusion in the operations of Africa's largest crude exporter. The edict directly from President Muhammadu Buhari's office appeared to be part of a campaign … [Read more...]

INTERTANKO Livid Over Nigeria Tanker Ban

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  By Jonathan Saul LONDON, July 23 (Reuters) - A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest. NNPC issued a letter on July 15, citing a directive from President Muhammadu Buhari, which said the vessels, … [Read more...]

Nigeria NNPC Bans 113 Oil Tankers from Nigerian Waters

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  By Libby George LONDON, July 20 (Reuters) - Nigeria's state oil company NNPC has banned 113 oil tankers from the country's waters, citing a directive from President Muhammadu Buhari, in what traders said could be part of efforts to crack down on illegal crude oil trading. The vessels, which include mainly VLCC crude oil tankers, are banned from calling at … [Read more...]

Nigerian Trader Sues Glencore Over Failed Payments for Sailors’ Release

[MYRE] SEADRIVER. Photo (c) MarineTraffic/

  By Javier Blas and Jesse Riseborough (Bloomberg) -- Glencore Plc is being sued by a former representative in Nigeria who says the commodities trader promised him $5 million to help free 15 Russian sailors detained on suspicion of smuggling guns. Og Amazu, owner of trader Amazoil Nigeria Ltd., says in a London lawsuit that Alex Beard, Glencore’s head of oil, … [Read more...]

Nigeria’s First Major Shipyard Project Receives $1.5 Billion Investment

Nigeria LNG subsidiary Bonny Gas LNG carriers in dry dock at Sobrena Shiprepair (currently Damen Shiprepair Brest). Photo: Damen

By Chijioke Ohuocha LAGOS, June 19 (Reuters) - Nigeria Liquefied Natural Gas Company (NLNG) is sponsoring the construction of the first major ship yard in Africa's biggest economy at the cost of $1.5 billion, in its attempt to turn the country into a hub for maritime operations on the continent. Nigeria is the world's eighth biggest crude producer and Africa's top oil … [Read more...]