The Petroleum Products Marketing Company (PPMC) received a total of $205.2million from Duke Oil for products traded between January 2016 and September 2017.
PPMC Managing Director, Umar Ajiya told House Representatives Ad-hoc Committee investigating alleged revenue leakages in the Oil and Gas sector in the period under review.
The Deputy Manager, Public Affairs Department, Mohammed Umar, made this known in a statement yesterday.
He said the products traded within the period, were fuel flow (Low Pour Fuel Oil) and NAPHTHA.
He said as a fall-out of the on-going restructuring of the NNPC, it was agreed that Duke Oil be given the two products to sell on behalf of the NNPC in line with its mandate as international trading company as well as a wholly owned subsidiary of NNPC.
‘’The current operating model allows PPMC to pass the volumes to DUKE OIL to trade and remit to the PPMC, both the value of product invoiced it and administrative charge,’’ the MD stressed.
He said the arrangement was not intended to create a monopoly, but rather to empower Duke Oil to function properly, pointing that no money missing anywhere.
Duke Oil before now, was not operating like it should as an international trading company.
The chairman of the committee, Rep. Jarigbe Agom Jarigbe, requested for more documents to support the presentation summited to the Committee.
Ajiya, according to the statement faulted some reports that have earlier misquoted him on the remitted figure and the statement that Duke Oil does not cooperate with PPMC in making their remittances, while reporting the presentation to the Committee.
Ajiya implored the media to always check their facts before going to press to avoid misrepresentation, litigation.
