Yemie Adeoye
16 September 2008
In an effort to find a permanent solution to the current issues affecting the downstream sector of the oil and gas industry, the organisers of Oil Trading and Logistics conference (OTL) have announced that the 2008 edition of the conference has been scheduled to address several issues affecting the downstream sector of the oil and gas industry peaking with newsmen during the week.
The Chairman of the organising committee Mr. Emeka Akabogu stated that part of the issues to be addressed includes the high cost of petroleum products like DPK popularly called kerosene and AGO which is known as diesel. He also stated that the conference would address issues like logistics and transportation of petroleum products as well as looking into areas like refining and so on.
"This years conference is most unique because it is coming at a time when interest in the downstream segment of the oil and gas market seems to be peaking. Consumption of petroleum products is at its highest, local refineries are working after a long hiatus, private refineries are being developed, more entrepreneurs are looking to trading in petroleum products and government policy makers have gone into an overdrive in their attempts to achieve efficient regulation.
Naturally, all these impact on availability and pricing of petroleum products, which is of concern not only to all decision makers, but to the country as a whole"
According to him it is in view of this that the 2008 conference was 'themed' The Future of Petroleum Products Supply: Nigeria Prepares. "The conference recognizes and focuses on one of the more important challenges of the current governments seven point agenda, that of sustainable energy to drive the country. Towards this, OTL 2008 is set to deliver a policy and operational roadmap for both public decision-makers and private businessmen, through the facilitation of a unique assemblage of knowledgeable and well positioned industry operators and regulators."
Akabogu also noted that part of the value to be delivered for local businessmen will come from exploring the petroleum products value chain as it relates to sourcing, financing, marketing, and distribution of petroleum products.
"Speakers are expected from leading oil trading and financing entities in Europe, the United States and the rest of Africa including Glencore International, Vitol and Merill Lynch.
Amongst specific issues to be canvassed at OTL 2008 includes the petroleum production trading-logistics chain, trade terms , quality/quantity discrepancies, pricing, hedging, chartering, demurrage, indemnities, ship shore interface and financing amongst others, which benchmark successful operations in the end to end petroleum matrix."
He said the conference will equally be charting prospects and opportunities in Nigeria's key emerging oil and gas markets.
"The conference is also expected to attract delegates from a range of sectors including oil, trading, shipping, Petroleum Products marketing ,logistics, downstream distribution , banking, swamp support /supplies, insurance, tank farm/depot operations, law, warehousing and storage, government, ports and terminals, petrochemicals and petroleum retail services .
Interestingly, this year's edition of the conference will be the last with a Nigeria-center prospective, as from next year it will assume a continental dimension. It is important to also note, however that the conference is currently the only significant gathering of operators and service providers in the downstream oil and gas."
Akabogu further announced that the federal government through the Nigerian National Petroleum Corporation has lent its support to the conference and this is closely followed by key operators in the country which include MRS Group, Imad Group, Bank PHB, Aquitane oil and gas, Masters Energy, Total Plc, Dee Jones Nimasa amongst others.
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