Home Business & Economy CBN, petrol marketers disagree over forex for importation

CBN, petrol marketers disagree over forex for importation

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Central Bank of Nigeria (CBN) has said that the recent complaint by petrol marketers about their inability to get enough foreign currencies, especially the United States dollar, for product importation in recent times, was strange.
The Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), Mr. Olufemi Adewole, had said that importers of refined petroleum products were grappling with forex shortage, which was affecting the implementation of product purchase agreements.
However , the CBN spokesperson, Mr. Ibrahim Muazu said that the said the marketers were on CBN’s  priority list of forex users and could not be denied needed funds for petroleum products importation..
Muazu said if the country was in a crisis situation in terms of forex availability, the pressure would have been felt at the interbank foreign exchange market.
Eni looking to sell Nigerian assets amid oil price drop
Eni SpA, Italy’s largest oil company and owner of Nigerian Agip Oil Co.  is considering selling part or all of its onshore Nigerian operations as it seeks to divest peripheral businesses amid a drop in oil prices.
Eni Chief Executive Officer Claudio Descalzi  announced plans to sell assets worth 8 billion euros ($8.8 billion) in 2015-2018, including shares in subsidiaries Galp Energia SGPS and Snam SpA.
He also proposed a 17 percent cut in investment over the same four years compared to previous plans to adjust to lower prices
According to Descalzi ,Eni has asked advisers to look at options for the assets, which include interests in oil and natural-gas fields in the West African country.
‘ Depending on what Eni decides to sell, the transaction may raise from $2 billion to $5 billion. It could also decide to keep the operations’. Descalzi stated.
Eni’s wholly owned subsidiary in the country, Nigerian Agip Oil Co., operates under a joint-venture agreement with Nigeria’s state oil company NNPC and ConocoPhillips. NAOC also operates two onshore exploration licenses

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