MRS Limited has disowned the report, saying it was false, unfounded and malicious, pointing out that the recent publications in the print, electronic and social media alleging that products throughput by NNPC in our terminal was expropriated was untrue. It stated that ordinarily the management would not comment on such issues, but has to because they border on the firm’s integrity.
“For the sake of clarity, MRS is not a storage company, rather it is a throughput company. It is important at this point to explain in lay man’s terms, what throughput means. Throughput is akin to a banking arrangement. In a throughput contract, we act as a product bank to different customers who we throughput products for, but because of the operational process involved in replenishing stock, we have seven days from when we receive the demand to provide the products if we have stock out. This act of storing the products in a co-mingled state (where products belonging to various customers are mixed) and loaded out on demand is called throughput and is usually for a 30-day period.”
NNPC’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, quoted the Chief Operating Officer, Downstream, NNPC, Mr. Henry Ikem-Obih, as saying that MRS expropriated just over 30 million litres of petrol.
MRS Limited has absolved itself from allegations that it expropriated petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC).
He said the Corporation stored the fuel in its depot in Apapa, Lagos under a throughput arrangement to ensure a robust strategic reserve, adding that MRS has fully complied by returning the 30 million litres of petrol that it expropriated.
Meanwhile, following extensive reconciliation between the Nigerian National Petroleum Corporation (NNPC) and the Aiteo Group, the Corporation said yesterday that the group has paid in full all its outstanding indebtedness to its downstream entities amounting to $202,344,838.62.
The NNPC’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu stated this in a statement.
He said the amount includes AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.