Question NW2668 to the Minister of Energy

Share this page:

09 December 2016 - NW2668

Profile picture: Mackay, Mr G

Mackay, Mr G to ask the Minister of Energy

(1)(a) Who were the buyers of the Strategic Fuel Fund’s sale of 10 million barrels of crude oil, (b) what portion of the specified number of barrels did each buyer buy and (c) what amount did each buyer pay; (2) have all payments in respect of the specified sale been made to date; if not, why not; if so, by what date was each payment made; (3) whether her department reserves the right to reverse the sale if found to have been illegally transacted; if not, why not; if so, what are the relevant details?

Reply:

  1. The information is provided in the table below:
  1. CUSTOMER
  1. CRUDE OIL (BASRAH)

(b) CRUDE OIL (BONNY)

(c)TOTAL REVENUE

(US$ )

 

Volume sold (bbls)

Volume sold (bbls)

 

Venus/Glencore

-

3 000 000

$90 224 970

Vitol

3 000 000

-

$78 606 000

Taleveras

2 000 000

2 000 000

$112 000 000

TOTAL

 

$280 000 000

2. Yes all the payments for the products sold have been made.

Customer

Payment receipt date

Venus/Glencore

04 March 2016

Vitol

11 March 2016

Taleveras

25 February 2016

3. The contract review currently underway will assist in determining the options for SFF.