Word: nigerian
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...step in a methodical transition from 13 years of military rule, what Nigerian officials describe as an "impressive" number of the country's 48.5 million registered voters went to polls this month to choose a President. Last week after ballots had been gathered from places as varied as the slums of the appallingly crowded capital Lagos, the minareted city of Kano in the Muslim north and steamy Enugu in the old Biafra area of the Christian and animist south, the name of Nigeria's first popularly elected chief executive was announced. He is Alhaji Shehu Shagari...
...Nigerian and Algerian governments argue that the cuts are for purely technical reasons, to prevent the damage to their oilfields that would result if they continued indefinitely pumping out crude at recent rapid rates. Nigeria's claim may be partly justified, but Western oilmen charge that Algeria's alleged cutback is nothing more than a sleight of hand. Algeria is secretly selling the oil for top dollar to spot-market buyers. Reports a high oil company executive: "What appears to be a cutback is really just a diversion to the spot market. This is more than a suspicion...
...spot market will probably get a further upward nudge from a separate Nigerian action, the abrupt nationalization last week of British Petroleum's exploration, marketing and production operations. The Lagos government declared that it was punishing BP for supplying oil to South Africa in violation of a Nigerian boycott, a charge that the company denies. The takeover deprives BP of an estimated 300,000 bbl. per day, but the Nigerian government is offering to sell the crude to any taker on the spot market, presumably including...
OPEC'S production cutbacks are aggravating the operational headaches. To begin with, not every refinery can process every grade of crude. From high-quality Nigerian oil that contains almost no sulfur at all to the heavy goo that glubs from the ground in Kuwait, petroleum covers a wide range of viscosities and weights. But not all refineries can handle every kind of oil, and as OPEC's squeeze has intensified, supplies of light oil used for gasoline have tightened...
Rhoodie is now hinting that he has a lot more to talk about. Among the rumored topics: bribery involving U.S. and other foreign officials and disclosure of Pretoria's role in backing the Biafran rebels during the Nigerian civil war. Two weeks ago, Rhoodie had a rendezvous in Paris with General Hendrik van den Bergh, 64, former head of South Africa's notorious Bureau of State Security (BOSS), and an industrialist named Josias van Zyl, 31, who offered Rhoodie a sales job in one of his companies. What the two men wanted in return was Rhoodie...