In line with Edo Governor Godwin Obaseki’s ambition to transform the Edo state into a significant domestic investment and industrial hub, Edo Refinery and Petrochemicals Co., Ltd. has placed an order for 200,000 barrels of crude oil from the Oza oil field operated by Deckler Resources and Millennium Oil and Gas Company.
According to the statement released by Decklar Resources Inc. and its partner, Millenium Oil & Gas Company Limited were able to announce that crude oil shipments from the Oza oil field to the Edo refinery, stating that the shipments have exceeded 27,000 barrels of crude under the 30,000 barrel simple sales contract.
He added that the Ohbaseki-led government has also started selling products from its second modular refinery in the state, which Duport Midstream Company Limited acquired.
According to the statement;
“Trucking of crude oil also commenced in late March to the Duport refinery in Edo State, with over 3,700 bbls delivered to date.
“Under the sale and purchase agreement with Duport Midstream Company Limited, Decklar and Millenium will initially deliver 5,000 bbls to the Duport refinery, followed by a minimum of 2,500 bbls per month thereafter.”
Noting that they had increased supply to Edo Refinery, the companies said,
“The terms of the 30,000 bbls agreement include an invoicing and payment cycle triggered as each 5,000 bbls batch is delivered and offloaded at the refinery.
“Invoices for 25,000 bbls have been issued, and total deliveries under this contract are nearing the final 5,000 bbls batch. This cycle will continue after the completion of deliveries under the 30,000 bbls contract, as Decklar and Millenium recently signed a sale and purchase agreement with ERPC for delivery of an additional 200,000 bbls to ERPC’s facility.”
Chief Executive Officer of Decklar Resources, Sanmi Famuyide, said, “Crude oil deliveries to ERPC and our new customer, DMCL, have been continuing steadily in a routine manner. This has provided consistent cash flow and enabled Decklar and Millenium to deliver and sell substantial volumes of crude oil to both customers. We have delivered over 37,000 bbls to ERPC’s Edo refinery and over 3,700 bbls to DMCL’s refinery under their initial 5,000 bbls contract”.
cc: Punch Ng
