Petroleum products are among the most valuable natural resources abundantly available in our country. Nigerians and people everywhere use petroleum products as a fuel in their automobiles, generating sets, industrial plants and for cooking purposes, thus making petroleum products an essential commodity that is needed for the daily operations of individual, industrial and national activities.
As it is a normal industry practice for all goods , commodities to meet certain standards for optimal and the general use of commodities in this regards organizations such as SON(standards organizations of Nigeria ) has been established by the government to monitor, regulate the nature of goods that come into Nigeria.
In this regards, all commodities be it rice, consumer goods, electronics, perishable and non perishable goods all alike have certain standards that goods must meet before they will be accepted into the country. In this same vain NAFDAC monitors all nature of consumables of food and drugs imported into the country.
All grades of crude oil have certain specifications that they meet likewise refined products that must meet certain specifications before they would be allowed entry into Nigeria. The same applies to even local supplies of refined products to companies in the country. As at today a lot of businessmen and participants in the oil industry do. not know the importance of knowing the standard acceptable specs of products in the country and which could be detrimental to one if one does not know.
It is like not understanding the standard application of BODMAS in mathematics and attempting to solve a whole lot of fraction questions!
This report highlights the different specifications of refined petroleum products that are permitted to be imported into Nigeria and standard grade of bonny light crude oil export grade from Nigeria.
In-addition to this, simple conversion rates of how you can convert from metric tonnes to liters and from litres back to tonnes it also includes the various conversion factors made simple so that you can easily do these computations on your own. These specs are in accordance to the acceptable world standards called ASTM (American standard test for materials)
In this material other coutries specifications such as of Benin Republic and Liberia are also included The importance of understanding specifications in oil trading cannot be overemphasized. One of the yard sticks to know the authenticity of either a buyer or seller in oil trade is their knowledge on specification. Included are the specs of
i. Petrol (Premium Motor Spirit)
ii. Diesel (Automotive Gas Oil)
iii. Kerosene (Dual Purpose Kerosene)
In this write up the important qualities are taken into consideration
A good knowledge of product specifications in the oil and gas business is very important as this the back bone of trading it is also a very strong determinant in pricing of oil products of different kinds of varieties. Ignorance can lead to large trading losses and good knowledge. Can lead to price gains and hedge against losses.
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At Foraminifera Market Research {www.foramfera.com}, we provide bespoke and up to date market research reports for start-ups and those already in business.
Our reports are designed to assist start-ups to understand the legal and financial requirements of starting the business, the market trends vis-a-vis demand and supply, competition, risk identification and mitigation strategies.
You can order our detailed feasibility report on the investment opportunities in the downstream sector of the oil and gas industry in Nigeria or offering brokerage services in the oil and gas industry in Nigeria by clicking on the link below.
Report Tile: FEASIBILITY REPORT ON DOWNSTREAM OIL BUSINESS NIGERIA.
Report Code: FORA/2013/300/1082/84637
Report Tile: FEASIBILITY REPORT ON BROKERAGE SERVICES IN THE DOWNSTREAM OIL AND GAS SECTOR IN NIGERIA.
Report Code: FORA/2013/300/1082/73524
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