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Monday, October 12, 2015
Just a few short months after Nigeria’s state-run oil and gas firm NNPC banned over 110 crude tankers from Nigerian waters and a few short weeks after it lifted its ban, Royal Dutch Shell has requested that vessel owners exporting its Nigerian crude sign a ‘letter of comfort’ (LoC), guaranteeing that the crude is not stolen.
The LoC seen as a way to help Nigeria combat rampant oil theft.
When NNPC lifted the ban in September it asked ship owners to sign a LoC also which was seen as a ‘guarantee to indemnify’ it against any illicit use of their vessel.
“Please be informed we expect LPG & products ship owners to sign the NNPC LoC for any future Shell loading voyages,” an email seen by Reuters said, referring to LPG.
“Shell (is) putting (its) reputation on the table that warrants the cargo is NOT stolen and this should remove any concerns ship-owners have around bad title down the oil chain,” the email said.
It has been reported that Shell is just the first of firms operating in Nigeria to do this and other companies, as well as trading houses have drafted similar letters.
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