Pinnacle Oil and Gas has said that said it is untrue the allegation by Dangote Industries Group that “an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality products.”
The Group made the allegation in a recent statement by Group Chief Branding and Communications Officer, Dangote Industries Limited (DIL), Anthony Chiejina.
But Chief Executive Officer, Pinnacle Oil & Gas Limited. Mr. Robert Dickerman in a statement on Monday said Pinnacle Oil & Gas Limited would never engage or attempt to import or distribute any off-spec or substandard product into the Nigerian market.
He added that company has a reputation for integrity and regulatory compliance which is extremely important to it.
Dickerman said: “Deregulated commodity markets work best with an open system of multiple sellers and multiple buyers bidding to establish the market price. For Nigeria, to have supply options that include local refineries or imports is the mechanism that will establish the lowest sustainable prices. A free market is also regulated to ensure that all products meet the country’s specifications and that all players behave responsibly.
“On November 3, 2024, the Dangote Organization issued a Press Release. In the Release, Dangote alleged that ‘…an international trading company has recently hired a depot facility next to the Dangote Refinery, with the objective of using it to blend substandard products that will be dumped into the market to compete with Dangote Refinery’s higher quality products.’
“Pinnacle Oil & Gas has the only depot facility next to the Dangote Refinery. Without equivocation, we state that Pinnacle Oil & Gas would never engage or attempt to import or distribute any off-spec or substandard product into the Nigerian market. Our company has a reputation for integrity and regulatory compliance which is extremely important to us.”
