Nigeria rules on prospective investors wishing to buy and sell crude

Nov 05, 1999 01:00 AM

Prospective investors wishing to buy and sell Nigerian crude oil must have a minimum annual turn-over of at least $ 100 mm, it has been announced. A director of the Nigerian Investment Promotion Commission (NIPC), Ezekiel Uche, said in a statement that prospective investors will also be required to have net worth not less than $ 40 mm.
Uche, who spoke on behalf of NIPC Executive Secretary Baba Gujbawu, issued the statement when a delegation of the South African Oil Marketing Company visited his office. A would-be investor in the oil sector is also expected to post a $ 1 mm performance bond through a major Nigerian bank in addition to the regular crude-oil contract provisions, said the text.
Uche told the team which is on a fact-finding mission that successful applicants for oil exploration should show commitment to the development of the Nigerian economy by investing in various sectors of the oil industry, the statement said. They should also demonstrate their readiness to participate in the oil industry through allocation of adequate capital, equipment and manpower to the business of prospecting, exploration and production of crude oil.
The leader of the delegation, Pieter Van Wezel, of Engel Petroleum Company in South Africa, expressed the willingness of his company to invest in the Nigerian oil sector, the statement said.

Source: AFP via Iinoil
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