Home FEATURED Benedict Peters’ Aiteo Group Settles For Force Majeure To Avoid More Loss

Benedict Peters’ Aiteo Group Settles For Force Majeure To Avoid More Loss

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Benedict Peters

Aiteo Eastern Exploration and Production Company Limited, a member of the Aiteo Group, led by billionaire businessman, Benedict Peters, obviously to prevent more loss and guard against the fulfillment of some business commitments, has opted for force majeure.

The company resorted to this as a result of the recent outbreak at their Nembe Creek Trunk Line.

According to The Punch, ‘The NCTL, a major crude oil transportation channel used for export, evacuates crude to the Bonny Crude Oil Terminal. It is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek.’

Force majeure, on the other hand, refers to a legal clause that allows companies to cancel or delay agreed deliveries due to unforeseen circumstances.

In giving their own side of the story, however, Aiteo, on Sunday, April 21, 2019, said, “We have been informed of a fire outbreak by our surveillance team comprising the JTF, FSS around NCTL Right of Way near Awoba today, April 21, 2019.

“Our Operations Emergency Response team was immediately activated and following its urgent intervention and containment action, we are constrained to shut in injection as well as other related operations into the NCTL. In accordance with standard procedure, we requested the other injectors to do the same.”

Aiteo Group, YES INTERNATIONAL! Magazine gathered, is an integrated, global-focused Nigerian energy conglomerate founded in 2008. The company, with headquarters in Lagos and Port Harcourt, Rivers State, is the successor entity to Sigmund Communnecci Limited.

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