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Ship owners exporting Nigerian oil would have to sign a “Letter of Comfort” (LOC) to guarantee it is not stolen.
This is according to Royal Dutch Shell.
The Nigerian National Petroleum Corporation (NNPC) had in July, banned more than 100 tankers from Nigeria’s waters, citing a directive from President Muhammadu Buhari who wants to trace and recover sums of money allegedly stolen from the oil sector.
In September, the NNPC lifted the ban but asked ship owners to sign a Letter of Comfort to “Guarantee to Indemnify” against any illicit use of their vessel. This led some owners to reject pending bookings.
According to a statement by Shell, the company is putting its reputation on the table that warrants the cargo is not stolen and this should remove any concern ship owners have around bad title down the oil chain.
Traders say oil companies, trading houses and tanker owners were ensuring that actions taken by Nigeria to prevent oil theft did not affect the market
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