OIL & GAS

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  • Russia’s ‘Shadow Fleet’ Offloads Sanctioned LNG at Asian Storage Barge For The First Time

    The next element of Russia’s emerging LNG shadow fleet has materialized over the weekend. LNG carrier Everest Energy traveled to the Koryak FSU near the southern tip of Kamchatka to transfer super-chilled gas from the sanctioned Arctic LNG 2 project. Everest Energy had passed through the Arctic’s icy waters without a valid permit while traveling under a suspended registration by […]

  • Lockdown Trails Lithium-Ion Battery Fire at Montreal Port

    A fire involving a container carrying lithium-ion batteries at the Port of Montreal triggered a temporary stay-at-home order for nearby residents on Monday. The incident occurred in a container at one of the port’s terminals. “Our Port Prevention and Security teams have been at work since the beginning of the incident, which resulted in no injuries,” said the Port of […]

LOCAL CONTENTS

GLOBAL ENERGY

Former Power Minister In More Trouble As Witness Narrates Deploying N5.2Mn To Him

, , Power

Adewale Agunbiade, a prosecuting witness in the trial of former Minister of Power and Steel, Olu Agunloye on Monday, September 23, 2024 narrated before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, sitting in Apo, Abuja, how the defendant allegedly received N5.2million from Jide Sotirin Abiodun, a staff of Sunrise Power and Transmission Ltd in multiple transfers and Automated Teller Machine, ATM, withdrawals.
The witness, a Compliance Officer, formerly with Guaranty Trust Bank, GTB, but now with Jaiz Bank Plc, while being led in his examination-in-chief, by prosecution counsel, Rotimi Oyedepo, SAN, disclosed that “On October 2022, GTB received an investigation activity inquiry from EFCC in respect of the account of two customers, Mr Olu Agunloye and Mr Jide Sotinri.
My team received the requests on behalf of the bank, following which I generated the statement of account via the system used by me at a time. I also prepared the Certificate of Identification, following my review of the statement against the records of the bank. I cosigned the cover letter of the responses.”
Upon identifying and confirming the letters from EFCC in respect of the said accounts, marked Exhibit 1a and 2a and GTB’s responses marked Exhibit 2a and 2b, “On page two of Exhibit 2b is the statement of Jide Sotirin Abiodun and the Certificate of Identification prepared by me on the statement of the account. On the 10th of September 2019, there were six transactions. The last five transactions were ATM cash withdrawals of N30,000 (Thirty Thousand Naira) each. The last transaction on 10 August 2019 was a transfer of N3, 600,000 (Three Million, Six Hundred Thousand Naira) from Sotirin Jide Abiodun to Olu Agunloy”, he said.
Speaking further, he disclosed that “As of 22 October 2019, a record of N500, 000 (Five Hundred Thousand Naira) was transferred from Sotirin Jide Abiodun to Olu Agunloye. On 13 November 2019, a record of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) from Leno in favour of Agunloye Olu from Jide Sotirin. Exhibit 1b is account opening belonging to Agunloye Olu. On 10 August, 2019 was an inward transfer of N3,600,000 (Three Million, Six Hundred Thousand Naira) from Sotinrin Jide Abiodun. On 22 October 2019, there was an inflow of N500,000 (Five Hundred Thousand Naira) from Sotirin Jide Abiodun. Also on 13th November 2019 was an inflow of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) in favour of Agunloye Olu from Jide Sotirin.”
The case was adjourned till October 21, 2024 for cross-examination.
Agunloye is being prosecuted by the Economic and Financial Crimes Commission, EFCC on seven-count charges, bordering on official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion US Dollars) to Sunrise Power and Transmission Ltd.

POWER

Former Power Minister In More Trouble As Witness Narrates Deploying N5.2Mn To Him

, , Power

Adewale Agunbiade, a prosecuting witness in the trial of former Minister of Power and Steel, Olu Agunloye on Monday, September 23, 2024 narrated before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court, sitting in Apo, Abuja, how the defendant allegedly received N5.2million from Jide Sotirin Abiodun, a staff of Sunrise Power and Transmission Ltd in multiple transfers and Automated Teller Machine, ATM, withdrawals.
The witness, a Compliance Officer, formerly with Guaranty Trust Bank, GTB, but now with Jaiz Bank Plc, while being led in his examination-in-chief, by prosecution counsel, Rotimi Oyedepo, SAN, disclosed that “On October 2022, GTB received an investigation activity inquiry from EFCC in respect of the account of two customers, Mr Olu Agunloye and Mr Jide Sotinri.
My team received the requests on behalf of the bank, following which I generated the statement of account via the system used by me at a time. I also prepared the Certificate of Identification, following my review of the statement against the records of the bank. I cosigned the cover letter of the responses.”
Upon identifying and confirming the letters from EFCC in respect of the said accounts, marked Exhibit 1a and 2a and GTB’s responses marked Exhibit 2a and 2b, “On page two of Exhibit 2b is the statement of Jide Sotirin Abiodun and the Certificate of Identification prepared by me on the statement of the account. On the 10th of September 2019, there were six transactions. The last five transactions were ATM cash withdrawals of N30,000 (Thirty Thousand Naira) each. The last transaction on 10 August 2019 was a transfer of N3, 600,000 (Three Million, Six Hundred Thousand Naira) from Sotirin Jide Abiodun to Olu Agunloy”, he said.
Speaking further, he disclosed that “As of 22 October 2019, a record of N500, 000 (Five Hundred Thousand Naira) was transferred from Sotirin Jide Abiodun to Olu Agunloye. On 13 November 2019, a record of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) from Leno in favour of Agunloye Olu from Jide Sotirin. Exhibit 1b is account opening belonging to Agunloye Olu. On 10 August, 2019 was an inward transfer of N3,600,000 (Three Million, Six Hundred Thousand Naira) from Sotinrin Jide Abiodun. On 22 October 2019, there was an inflow of N500,000 (Five Hundred Thousand Naira) from Sotirin Jide Abiodun. Also on 13th November 2019 was an inflow of N1, 121,000 (One Million One Hundred and Twenty-one Thousand Naira) in favour of Agunloye Olu from Jide Sotirin.”
The case was adjourned till October 21, 2024 for cross-examination.
Agunloye is being prosecuted by the Economic and Financial Crimes Commission, EFCC on seven-count charges, bordering on official corruption and fraudulent award of Mambilla Power Project contract to the tune of $6billion (Six Billion US Dollars) to Sunrise Power and Transmission Ltd.

AROUND THE WORLD

Nigerian Government Raises Electricity Meter Price+

Nigerian Government Raises Electricity Meter Price

, , Electricity, Power

The disturbing increment of the prices of single- phased and three- phase pre-paid electricity was announced on Wednesday by...

CF Industries reaches landmark agreement on enabling low carbon ammonia..+

CF Industries reaches landmark agreement on enabling low carbon ammonia..

, , Oil & Gas, Reviews & Analysis

Exxonmobil is working judiciously with other companies to accelerate society’s path to net zero especially in the case of...

Eni Now the Latest Energy Giant to Sell Onshore Nigeria assets.+

Eni Now the Latest Energy Giant to Sell Onshore Nigeria assets.

, , Gas News & Reports, Oil & Gas

Eni agreed to sell to OANDO. LG, its Nigerian onshore subsidiary being the latest international energy giant to divest...

First Capesize Non-Ice Class and Bulk Carrier Tanker Sail to China Via Northern Sea.+

First Capesize Non-Ice Class and Bulk Carrier Tanker Sail to China Via Northern Sea.

, , Maritime, News & Reports

According to the Russian media reports; Gingo, the first capsize ship and bulk carrier sail the Northern Sea Route,...

NGA Promotes Nigerian Decade of Gas at Gastech, Singapore+

NGA Promotes Nigerian Decade of Gas at Gastech, Singapore

, , Gas News & Reports, Oil & Gas

Nigerian Gas Association witnessed Gastech 2023 conference, a prestigious gas event in Singapore where Nigerian Decade of Gas agenda...

INTERVIEW

MARITIME

Russia’s ‘Shadow Fleet’ Offloads Sanctioned LNG at Asian Storage Barge For The First Time

, , Maritime

The next element of Russia’s emerging LNG shadow fleet has materialized over the weekend. LNG carrier Everest Energy traveled to the Koryak FSU near the southern tip of Kamchatka to transfer super-chilled gas from the sanctioned Arctic LNG 2 project. Everest Energy had passed through the Arctic’s icy waters without a valid permit while traveling under a suspended registration by flag state Palau.
The Koryak floating storage barge was towed from South Korean shipyard Hanwha Ocean to the north Pacific during August 2023, but it had thus far sat idle.
With Koryak’s sister barge, Saam FSU now also in use, the outlines of the shadow fleet operation have come into focus in recent days. Saam FSU, located near Murmansk, received two cargoes earlier this month completing the western transshipment point.
Two months into the shadow fleet operation Arctic LNG 2 has managed to lift a total of five cargoes, with a sixth one currently in progress, but has failed to make any deliveries. The project is majority-owned by Russia’s largest LNG producer Novatek.
LNG carrier Mulan, sanctioned by the U.S. earlier this month, approached the Utrenniy terminal on September 22, 2024 where it remains as of September 23.
Of the six loadings, totalling roughly 770,000cbm of LNG, none have been delivered to customers, a sign that Arctic LNG 2 may face challenges finding buyers for its sanctioned product.
The transfer from Everest Energy to Koryak FSU constitutes the first cargo to leave the Arctic. All other shipments remain in limbo high in the Arctic aboard Saam FSU and various LNG carriers.
Saam FSU has received two transfers, one each from Everest Energy and Asya Energy putting it at 75% capacity. Additionally, New Energy is returning from the Mediterranean following an unsuccessful attempt to transit the Suez Canal following suspension of its flag.
Its cargo was originally lifted from Arctic LNG 2 by LNGC Pioneer nearly two months ago. A further shipment by Asya Energy, currently transiting the Arctic Northern Sea Route, is likely also bound for an offloading at Koryak FSU.
At current production levels Arctic LNG 2 will need to continue dispatching one shipment every 7-10 days. Without regular discharges beginning soon the project will eventually reach the limits of its temporary storage options. The coming weeks will be indicative if the project can routinely find buyers to offtake its sanctioned LNG.

ECONOMY

Magazine

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