June 13, 2024
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OIL & GAS

Nigeria’s Ship Owners and Oil Company Set to Explore Pooling Funding Model For Acquiring Ships

Nigerian Chamber of Shipping (NCS) and the Managing Director of NNPCL Shipping, Panos Gliatis, have in a meeting agreed to explore a pooling funding model to spread the financial burden of acquiring ships. The arrangement is to be spearheaded by the NNPC.

Gliatis, said that the challenge of non- availability of contracts for ship owners need to be addressed. Thus, he suggested the pooling system as a viable approach to fight the challenge. He added that the system guarantees impartiality, transparency and equal sharing of earnings, it will therefore, ensure the availability of Nigerian vessels in the next few years.

The President of NCS, Aminu Umar, said the meeting was an opportunity to build collaborations and networks instead of the non-productive approach of confrontation. “If we can engage and we bring all our strengths together, there is a high possibility that we will change the way the industry stands today,” he said.

From his own point of view, the President of the Nigeria Shipowners Association (NISA), Sola Adewunmi, lamented the inability if Nigerian Ship Owners to attract investors because of the very limited job opportunities in the sector. No Nigerian ship owner participated in supply if crude oil to Dangote refinery he cried.

Meanwhile, a former governing board member of the Nigerian Content Development and Monitoring Board (NCDMB), Mina Oforiokuma, mentioned some strategies that if applied, will tackle the challenges faced by ship owners in Nigeria.

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