Shell Nigeria resumes export of Bonny Light crude oil
Fri Jul 08, 2016 07:44:am Business
2.3K By Buchi Obichie
Following the repair of the Nembe Creek Trunk Line, Shell Nigeria on Thursday, lifted its Force Majeure, and resumed export of Bonny Light crude oil grade from the Bonny Terminal.
A statement released by the company attributed the lifting of the Force Majuere to restoration of production into the Bonny Terminal.
The company said the lifting of the Force Majeure took effect from 09:00 a.m. Nigerian time (0800 GMT), yesterday.
Shell had declared the Force Majeure on Bonny Light exports two months ago on May 11, following the closure of the Nembe Creek Trunk line, NCTL, for repairs after a leak.
Meanwhile, global energy data company, Platts, disclosed that Nigeria's Qua Iboe crude oil grade stood at a $0.90 per barrel premium to Bonny Light, the highest since October 2013.
Platts in a report published yesterday, said the premium had risen as a result of Qua Iboe returning from a month-long force majeure in June and a 30-day ceasefire between the Niger Delta Avengers and the government early in July that restored confidence in the Qua Iboe crude.
A statement released by the company attributed the lifting of the Force Majuere to restoration of production into the Bonny Terminal.
The company said the lifting of the Force Majeure took effect from 09:00 a.m. Nigerian time (0800 GMT), yesterday.
Shell had declared the Force Majeure on Bonny Light exports two months ago on May 11, following the closure of the Nembe Creek Trunk line, NCTL, for repairs after a leak.
Meanwhile, global energy data company, Platts, disclosed that Nigeria's Qua Iboe crude oil grade stood at a $0.90 per barrel premium to Bonny Light, the highest since October 2013.
Platts in a report published yesterday, said the premium had risen as a result of Qua Iboe returning from a month-long force majeure in June and a 30-day ceasefire between the Niger Delta Avengers and the government early in July that restored confidence in the Qua Iboe crude.
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