Firm petitions AGF, others over brokerage fee issue in $41m Trafigura, WABECO J.V deal

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An indigenous oil and gas consulting company, Peto-Gas Ltd ( Peto-Gas), has petitioned relevant government agencies and organisations over alleged non-payment of a 10 per cent brokerage fee by Trafigura Beheer B.V (Trafigura), the parent company of Puma Energy Ltd (Puma), Vanguard reports.

In the petition Peto-Gas indicated that it facilitated a $41 million Bitumen Joint Venture deal between Puma and Wabeco Petroleum Limited (Wabeco) on terms and understanding that Peto-Gas would be entitled to a 10 per cent industry standard brokerage fee. It stated that after the transaction was successfully consummated, Puma failed to honour its obligation.

The indigenous company disclosed that after writing to the Senate Committee on Downstream Petroleum, where nothing was achieved, it also appealed to the Office of the Attorney General of the Federation and Minister of Justice of Nigeria (HAGF) to seek redress. It stated that in consequence of this, a mediation meeting was held on 7th July 2017 at the instance of the HAGF.

However, it said that till date Puma has consistently boasted that it would not honour its obligation to Peto-Gas and also threatened to exploit the weaknesses in the relevant Nigerian institutions to frustrate any case that Peto-Gas may institute in respect of same.

Hence it said it was appealling to all men and women of goodwill, and relevant regulatory agencies in the Nigerian oil and gas industry to come to the rescue of Peto-Gas and to ensure that Puma/Trafigura does not cheat Peto-Gas nor deny it of its due entitlements.