The
attention of Taleveras legal team have been drawn to online publications
related with a case against Atlantic Drilling Fluids, this legal case is not
against Taleveras or
Igho Sanomi.
Some of
these publications are misleading, grossly inaccurate, it is thus proper to set
the record straight.
One of
Taleveras core activities since 2000, is sourcing, trading and engaging in
third party contracts, inclusive of oil and gas upstream operations. Taleveras
due to its capacity, trading expertise and financial strength, continues to
source and engage in procuring third party oil contracts. Taleveras performs on
these contracts handling the physical delivery, risk management and logistics
from start point to its numerous first class end users and major refiners. This
process involves verification of the contracts with the issuing authority to
authenticate and further compliance with our lending banks internal due
diligence processes. This is no different from International Trading Standards
performed by the numerous international and major oil and gas companies
operating in Nigeria.
As it
relates to the US department case against Atlantic Drilling, please note that
Taleveras and the other two major oil trading houses (Glencore and Arcadia)
were not faulted for embarking on a legitimate transaction, as all payments
were made based on legitimate third party contracts with private companies and
not NNPC.
This is
indeed compared to a buyer of a property who embarks on verification of
property title documents with the issuing authority and upon verification, goes
into a sales contract and then makes contractual payment to the seller. The
Buyer certainly has no control in whatever the seller does with his proceeds
from the sale.
In
concluding, the ultimate aim of contracting is to off-take crude oil from asset
productions. It is worthy to note that neither Taleveras nor its associated
companies lifted any oil from this production through Atlantic. Terms of the
agreement were breached and hence a legal dispute and appropriate filings made
in respected court of jurisdiction.
We will thus
refrain from making further comments.
Thank you.
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