The Nigerian National Petroleum Corporation (NNPC) has ordered all vessels for Tanker Take Over (TTO) Transactions at Ghana, Lome and Cotonou ports to return to Nigeria waters immediately or be blacklisted from entering the country.
This development is following an Executive Order issued by President Muhammadu Buhari, banning all of such transactions at the listed seaports.
A memo by the NNPC notifying Buyers, Mandates and Off -Takers of the Nigeria Bonny Light Crude Oil (BLCO) of the development listed huge losses resulting “from the hijacking of vessels by sea pirates and non performance from buyers after moving vessels to their point of calibration” as reasons for the ban.
The Corporation also stated that it has received several reports of the frustrations potential buyers go through trying to close transactions at the Ghana, Lome and Cotonou ports.
Buyers who wish to lift BLCo on TTO bases were advised to do so in Nigeria, Cameroon, Senegal or move the vessel to the Point Of Departure (POD).