Nigerian Company To Sell Missing Crude Oil

Ocean and Oil Limited, owners of the oil vessel, M.T. Asterias has served notice that it will go ahead to sell about 73,701 barrels of Oil it has in its possession to recover the monies owed the company by Saltpond Offshore Company Limited (SOPCL).

In a press statement, the Managing Director of Ocean and Oil, Paul Okologo confirmed that the vessel and its cargo of crude oil are in their possession. According to the statement, the charterers, SOPCL have consistently failed to make the required monthly payments for the hire of the vessel.

It said, therefore, Ocean and Oil exercised a legal lien on the said cargo in accordance with the terms of a Time Charter Agreement signed by the two parties in June last year.