CEO Blames Illegal Crude Oil Business On Foreign Dominance

The Chairman and Chief Executive Officer of Stars Investment Company, Mr Greg Utonweg Obgeifun has blamed the current wave of crude oil theft in Nigeria on dominance of foreigners in the nation’s maritime industry.
Ogbeifun made this disclosure while speaking as a panelist at the partnership and beneficiaries network forum organised by Shell Petroleum Development Company of Nigeria in Port Harcourt recently.
Ogbeifun said the crude oil theft business thrives because the nation’s water ways have been infested by foreigners, noting that “if there are no buyers there won’t be sellers”.
Accordign to him with over 500 vessels operating in the nation’s water ways, well over 80 per cent are owned by foreigners.
He urged government and multi-national companies operating in the country to build the capacity of Nigerians so that they can have their own vessels.
Corroborating the view of foreign dominance in the nation’s freight sector, the executive secretary of Petroleum Products Pricing  Regulatory Agency (PPPRA) Mr Reginald Stanley expressed dissatisfaction over the dominance of foreign ship owners in the country’s oil maritime and petroleum products freight services.
Speaking at the inauguration of two double hulled oil vessels, MT Adeline and MT Emmanuel, Stanley said the domination of the oil maritime services by foreign fender providers was not in the best interest of the country given the federal government’s transformation agenda which was aimed at boosting the capacity of indigenous operators to play an active role in the nation’s economic development.
He advocated the discouragement of foreign fender providers dominance in the sector, noting that the new acquired vessels would boost maritime operation and reduce the unit cost of freight.
Describing the acquisition of the vessels as a significant milestone, the PPPRA boss said it was a boost to the nation’s economy especially in the areas of foreign exchange conservation, reduction in the cost of freight of petroleum products, employment opportunities and speedy distribution of products across the country.
The Chairman, House of Representatives Committee on Petroleum (Downstream) Hon Dakuku Peterside said the National Assembly would ensure that the needed legislative framework was put in place to make business thrive for fender providers.
Dakuku urged operators in the sector to imbibe value-addition and forth-rightness as essential ingredients for their success in business.