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General Secretary of ISAN says that only 10% ships owned by Nigerians

Only about 60 of 600 vessels in the upstream sector of the oil and gas industry are owned Only about 60 of 600 vessels in the upstream sector of the oil and gas industry are owned by indigenous operators.General Secretary of the Indigenous Shipowners Association of Nigeria (ISAN), Captain Niyi Labinjo, who told The Nation in Lagos, that out of this 60 vessels, only about six of them are currently doing business in the offshore sector.The ISAN scribe lamented that the rest are anchored at the nation's waters without jobs.Labinjo disclosed each vessel participating in the offshore operations collect at least $5,000 per day, which, according to him, is the least amount collected by foreign vessels doing business in the nation's waters.He said with the situation, the country is losing about N2 trillion annually as capital flight."We have plenty of hydrocarbons. As at today, it is 37 billion barrels but our government is working towards making it 40 billion. That is our proven reserve. We are said to be the 10th-world producer of oil. The world as a whole everyday uses 84 million barrels per day of oil and Nigeria produces 2.5 million barrels every day. For gas, we have ...

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Indigenous Shipowners Association of Nigeria set for techical audit on its fleet

ISAN made this decision to strengthen its case in accessing the ship repair fund The Indigenous Shipowners Association of Nigeria (ISAN) said that a technical audit will soon be carried out on all vessels owned by its members in a bid to ensure that the fleet are fully engaged by the industry.Chairman of ISAN, Chief Isaac Jolapamo, who disclosed this during the associations 2011 Second Quarter General Meeting, said that the decision by ISAN to audit its fleet is to strengthen its case in accessing the ship repair fund.Jolapamo stated that the nations ship repair industry will benefit greatly from the plan, because, it will help to develop the skills necessary for ship building.He also disclosed that ISAN will now be involved in ship recycling process in the country, noting that the process of disposing off ships beyond economic repair in the country is not in the best interest of ISAN members.He said, ISAN will soon be investing in ship recycling facility to facilitate a profitable acquisition of these vessels because prices paid for scrap vessels are below international prices.The ISAN boss further noted that to ensure profitable ship ownership in the country, the association has set up three strategic ...

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