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Wednesday, 28 November 2012

Fuel Scarcity Looms As Capital Oil, AMCON’s Talks Fail

Capital Oil, AMCON talks collapse

The fuel supply situation in the country, which has remained epileptic for sometime now, could get worse following the collapse of talks on debt settlement between the management of Capital Oil and Gas Industries Limited and the Asset Management Company of Nigeria (AMCON), sources in the industry have said.
Capital Oil, which is said to account for 35 per cent of the total fuel imports into the country, has been at loggerheads with AMCON for some- time now following an order placed on the company in relation to its debt profile.
But the spokesman of Capital Oil, Nick Hayes, said on Tuesday that the oil company backed out of the discussion with AMCON, having noticed an alleged plot by some forces to take over the company through the back door.
He said that Capital Oil would now seek to resolve the issues it had with AMCON through the court.
According to him, the company had discovered the inordinate ambition of certain forces to take over the running of the company.
In a statement made available in Abuja, Hayes said “it has now become very obvious that there is a grand design by some people to capture the entire business concern and run it as if they set it up in the first instance.
“These people are the ones pushing AMCON to bring very unacceptable conditions to the negotiating table. Their whole plot is to ensure that there is no amicable settlement and in that way, AMCON can do their bidding which simply is, to take over the running of the affairs of the company.”
He stated that as far as the issues remained unresolved and the gates of Capital Oil remained closed, the masses of Nigeria would suffer fuel scarcity, as according to him, the masses would remain “the proverbial grass, as long as the two elephants, represented by Capital Oil and AMCON, fight.”

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