The Oil Cartel, the Cabal and the Rest of Us in Nigeria

Major Oil Marketers Association of Nigeria (MOMAN)
Eleganza Biro Plaza (5TH Floor),
Plot 634, Adeyemo Alakija Street, Victoria Island, Lagos.


The Oil Cartel, the Cabal and the Rest of Us in Nigeria

Dear Major Oil Marketers Association of Nigeria,

I read your public information advert on SUBSIDY FACTS with a pinch of salt, because the information you provided is nothing new.

The important issue you mentioned was the emergence of “briefcase” mafia of companies without any asset base and accountability in the Petroleum Support Fund (PSF) scheme.

As you rightly noted the total cost of PMS imported into Nigeria as at December 6, 2011, was N141.38 Kobo. The regulated pump price is N65 and the subsidy claim was N76. 38 Kobo.

Ignorance has done more harm to Nigerians than corruption.

The anger of majority of Nigerians was provoked against the government when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced the removal of the fuel subsidy on petrol on New Year’s Day January 1, 2012, because it was totally wrong for the PPPRA to sell subsidized petrol for N141 per litre when it is was regulated to be sold for N65 per litre! This was the initial cause of the nationwide strike called by the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) and supported by the Civil Liberties Organizations (CSOs). But the escapist government, rumour mongers and apologists of President Goodluck Jonathan desperately looking for scapegoats pointed accusing fingers at the major oil marketers as constituting a shadowy “CABAL”. That they were the ones holding the president to ransom and insisted on the perpetuation of the fuel subsidy on petrol under the PSF scheme since it has become fattest cash cow in Nigeria.

Please, I have the following questions for you.

1. If you are truly committed to deregulation of the downstream sector and accountability of the efficient utilization of national and corporate resources, why have you collectively failed to build new refineries that would have been the top priority of MOMAN and all the members of the board of the PPPRA as identified in your defence?


2. Why have you allowed the petrol imported duty free under the PSF scheme to pass through Nigerian ports without the approval of the Nigerian customs? And thereby violating the due process of the rule of law?


3. Why have you connived and conspired with the so called “briefcase” companies to misappropriate billions of dollars allocated to the PSF and diverted 24 million litres of petrol daily for which the Ministry of Finance paid over N672. 14 billion for this excess petrol in 2011? Because out of the 58.9 million litres imported daily, the daily local consumption was only less than 35 million litres!


4. Can you deny and refute the intelligence reports of security agencies that major oil marketers conspired with some legislators at a secret meeting in the U.S. to impeach President Goodluck Jonathan before the approval of the 2012 Budget, to prevent the implementation since it has no allocation for the fuel subsidy on petrol?


5. These intelligence reports are currently being verified by Nigerians Reports.


6. Finally, your email does not work and your website is STILL UNDER CONSTRUCTION after making billions of dollars from the PSF?


~ By Ekenyerengozi Michael Chima
Publisher/Editor
Nigerians Report

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Potential Benefits From Budget 2012 And Sure-P

Dr. Ngozi Okonjo-Iweala

Potential Benefits From Budget 2012 And Sure-P

~ By Dr. Ngozi Okonjo-Iweala

Against the backdrop of the recent debate on the removal of fuel subsidies , and the calculated misinformation being peddled by opponents of this policy, it is pertinent to highlight, in more tangible terms, some of the significant allocations that have been made to essential sectors of the economy, both in the 2012 budget as well as the recently-launched Subsidy Reinvestment and Empowerment Programme (SURE-P). This programme is a 3—4 year programme designed to mitigate the immediate impact of the removal of fuel subsidy and accelerate economic growth through investments in critically-needed infrastructure.

It is noteworthy that, while the 2012 budget allocated the best possible amounts to these critical projects, additional resources are allocated to the same projects in the SURE programme to ensure that they are completed at faster rates than envisioned in the 2012 budget. Some of the projects and allocations are as follow:

WORKS
• N11bn is allocated to the Abuja-Lokoja road in the 2012 Budget, with an additional N14bn from the SURE-P.
• N6bn is allocated to Benin-Ore-Shagamu, with an additional N16.5bn to be financed through SURE-P.
• N3bn is allocated to Port-Harcourt–Onitsha road, with an additional N5bn from the SURE-P.
• Similarly, N18.5bn is allocated to Kano-Maiduguri road, with an additional N1.5bn from SURE-P.
• Provision is made in the 2012 budget for construction of the Second Niger Bridge (N2bn) and Oweto Bridge (N3.5bn). An additional N5.5bn and N4bn would be spent on both bridges respectively from the SURE-P.
• Provision of N23.5bn is made for maintenance of roads and bridges across the country through Federal Road Maintenance Agency (FERMA).

POWER
• The total amount allocated to the power sector (including Bulk Trader, Nelmco, and Multi-Year Tariff Order (MYTO) and PHCN privatization) is N248bn.
• A sum of N392 million allocated to Nigeria Electricity Liability Management Company and N650 million for Bulk Trader.
• In the 2012 Budget Proposal, a sum of N3.7bn is allocated to the Kaduna Dual Fired Power Plant.
• Similarly, N2bn is allocated for the completion of the small and medium hydro-electric power plants Oyan Dam Hydro Power (Ogun state).
• A sum of N2.2bn is allocated for feasibility studies regarding the establishment of coal fired power plants.
• Additionally, N155bn will be spent on Power projects (Mambilla power plant, Coal Power Plant and Small Hydro power plants) through the SURE-P over the period 2012-2015.


AGRICULTURE & RURAL DEVELOPMENT
• The total allocation to the sector is N78.98bn
• N4bn is allocated to research and mechanisation
• Provision of N1.22bn is made for the construction of access roads to each of the 6 Staple Crop Processing Zones.
• Value Chain: N720 million is allocated to the development of value chains in cocoa, rice, maize, livestock, cotton and others sectors.
• N1bn is allocated to the Price stabilisation scheme.
• N610 million to facilitate for the access to credit, fertilizers and seeds.
• An additional sum of US$500m is expected from Development Finance Institute to support the sector.

TRANSPORT
• Rail lines: The 2012 budget allocates N3.95bn, N3.15bn and N3.35bn to the construction and completion of Abuja-Kaduna, Lagos-Ibadan and Ajaokuta-Warri rail lines respectively. In addition, the SURE-P allocates N11.6bn to the Abuja-Kaduna line and N9.3bn to the Lagos-Ibadan line.
• Provision of N800mn is made for the procurement of wagons, coaches and locomotives.
• Dredging project: N1.2bn is allocated to the dredging of Lower River Niger (Warri-Baro).

EDUCATION
• The total allocation to the sector is N400bn
• N11.6bn is allocated for existing universities.
• N7.7bn is allocated for the restructuring to Unity Schools.
• National Teachers Institute: The 2012 budget allocates N3.5bn to the retraining of teachers for basic education and training in innovative teaching.
• Moreover, an additional N24.6bn will be spent on vocational training centres from the SURE-P.

HEALTH
• N4.6bn is allocated to the Polio eradication programme
• N3.5bn is allocated to the procurement of HIV/AIDS Drugs
• The sum of N174 million is allocated to Integrated maternal, newborn and child health strategy, including capacity building, and promoting school health initiatives.
• N8.42bn is allocated to Federal University Teaching Hospitals.
• N6bn and N3.6bn are allocated to the procurement of vaccines and midwifery service scheme respectively.
• An additional N73.8bn will be spent on Maternal and Child heath from SURE-P.

AVIATION
• Various Airports: N22.2bn is allocated for the modernization of airport terminals and upgrading of facilities in the six geopolitical zones of the country.


FEDERAL CAPITAL TERRITORY ADMINISTRATION
• N3.1bn is allocated to the construction of a 20,000m3/hr lower Usuma dam Water Treatment Plants.
• N2.5bn is allocated to the construction of Cultural and Millennium Tower.
• N1.25bn is allocated to the Development of Idu Industrial Area (1b Engineering Infrastructure).
• Various road projects including the completion of roads B6, B12 and circle road (N4bn), rehabilitation and expansion of airport Expressway (N7.53bn).


NIGER DELTA
• East-West Road (Section I—V): The 2012 budget allocated N22.2bn to this road. In order to accelerate its completion, an additional N21.7bn is allocated in 2012 from the SURE programme.

WATER RESOURCES
• N1.2bn is allocated to the construction of Central Ogbia Regional Water Project.
• A total of N4bn are allocated to the construction of dams.
• Other provision for water facilities (i.e. regional water supply scheme) of N8bn.
• Rehabilitation of river Basin authorities (12 nos) of N13.91bn.
• Moreover, over the period 2012-2015 an additional N205.5bn will be invested in rural water scheme, water supply scheme, irrigation scheme and other water related projects from SURE-P.

These projects will not only significantly improve the country’s infrastructure, but will also create millions of jobs for Nigerians. This struggle is not between the government and Nigerians, because government is squarely on the side of the people. The fight is between the government and Nigerians on one side, and persons who are bent on continuing their age-long “milking” of the system for their personal benefits on the other side.

Please let us support government’s efforts at defeating these persons, and creating a better country for all Nigerians.




~ Dr Ngozi Okonjo Iweala is Nigeria’s Honouralbe Minister of Finance.


Source: Sent by Mr. Hope Obioma Opara, Publisher, Supple Magazine.

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There Was A Plot To Impeach President Goodluck Jonathan

President Goodluck Jonathan. Uneasy lies the head that wears a crown.

Nigerians Report is yet to verify the purported plot to impeach President Goodluck Jonathan, but was reported to have failed.

The plot was hatched in the U.S. to impeach him before the approval of the 2012 Budget and to stop the removal of the fuel subsidy on petrol. Top oil marketers of the cabal and legislators conspired in the plot, including the richest black man on earth according to the Forbes magazine. The plot leaked to President Goodluck Jonathan and the evidence is all on tape. That was why he hurriedly announced the removal of the fuel subsidy on petrol ahead of the scheduled deregulation of the downstream sector later in the year.

The plotters who have scammed the government for years are even major donors and sponsors of first Presidential Library in Nigeria and also sponsored the election of President Goodluck Jonathan. But can the President have the balls to prosecute the sacred cows who presently are above the law, because the law is an ass in country where there is a culture of impunity where public administration is an institution of corruption.The plotters are the enemies of Nigeria.

~ By Orikinla Osinachi


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Dear President Goodluck Jonathan, Ngozi Okonjo-Iweala and Diezani Alison-Madueke

Dear President Goodluck Jonathan, Ngozi Okonjo-Iweala and Diezani Alison-Madueke


Dear President Goodluck Jonathan, Ngozi Okonjo-Iweala and Diezani Alison-Madueke, there is no need for long speeches now, because the chickens have come home to roost.

It is not rocket science to know the facts on the issues at stake on the 419 scam called Fuel Subsidy on Petrol.
I stand by what Prof. Tam David-West said, that there is really no subsidy on petrol, because from the cost of production to the filling station, the real pump price of petrol should even be less than N65 per litre since it is from our crude oil.
And why should the petrol from our own refineries be sold at the same price with the imported petrol?
Again, why should you inflate the pump price of the same subsidized fuel imported last year 2011?
When the 2012 8udget is still before the National Assembly?

If you made no provision for subsidy in the 2012 Budget, then why not wait until the implementation before increasing the pump price of petrol?
Is it not a rip off to import petrol with your so called "SUBSIDY" in 2011 and now sell it to us at a NO SUBSIDY price?

Finally, you pretend to be ignorant of members of the so called CABAL, but God knows you are a LIAR, because you know them all as I listed them on Nigerian Times: The Real Beneficiaries of the Misappropriated Fuel Subsidy in Nigeria.

Prove your competence or please RESIGN!

~ By Orikinla Osinachi

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Nigerians Strike over Removal of Fuel Subsidy on Petrol

Nationwide strike over removal of fuel subsidy shuts down Nigeria.




Nigerians rally against the removal of fuel subsidy on petrol at the popular Gani Fawehinmi Park in Ojota, Lagos.Photo Credit: Nairaland.

In spite of the spate of terrorist attacks by the dreaded Boko Haram Islamic Jihad group and other unidentified elements of the lunatic fringe on rampage in the middle belt and northern states, the nationwide strike to protest the undemocratic removal of the fuel subsidy on petrol has shutdown all commercial activities in Nigeria, except for neighbourhood convenience stores and canteens where the people could buy foods and drinks to feed and stay the course of the strike action.


Prof. Pat Utomi among protesters on the street at Falomo roundabout in Ikoyi, Lagos. Photo Credit: Nairaland.

The organized labour unions, Nigerian Bar Association, human rights bodies, student unions, both academic and non-academic staff unions and other coalitions called Occupy Nigeria led the vanguard of the nationwide strike with mass protests and rallies in every state in the country, from the commercial capital of the mega city of Lagos to the federal capital of Abuja. Millions of others joined on the popular social networks on the Internet using Googleplus, Facebook, Twitter and other online media to communicate and join the debate on the pros and cons of the strike.

Thousands of people rallied at the popular Gani Fawehinmi Park in Ojota on the Lagos mainland and Eagle Square in Abuja as leaders of labour unions and civil liberty organizations made protest speeches and chanted solidarity slogans chorused by the crowds. At the Gani Fawehinmi Park, they sang protest songs performed by Femi Kuti the first son of the legendary Afrobeat King, Fela Anikulapo Kuti of blessed memory whose hit songs were also amplified to motivate the protesters. Popular entertainers like Reggae artiste Ras Kimono and revolutionary political leaders like Mr. Femi Falana, Dr. Tunji Braithwaite, Mr. Yinka Odumakin and Dr. Joe Okei-Odumakin addressed the rally.

All local and international flights have been cancelled until further notice and even road transporters were off the streets, except for those using their private vehicles for personal movement.

The government tried to convince public servants to ignore the strike and go on with their normal duties, but most of them could not even do so in fear of the repercussions of disobeying the general consensus of the organized labour unions.

Billions of naira will be lost. But the greatest loser is President Goodluck Jonathan who has lost the support and trust of the majority of Nigerians who voted for him during the last presidential election. They have now turned against him for betraying their trust and have passed a vote of no confidence in him. Many of his celebrated supporters who endorsed him said they regret doing so and cursed him for deceiving them. The House of Representatives had an emergency session on Sunday and dismissed his unilateral removal of the fuel subsidy. He has also done more harm to his ruling party, the People’s Democratic Party (PDP); because the populace now sees it as an anti-people party that is oppressing and suppressing the democratic will of the people. And it would be a miracle for the PDP to win another presidential election in Nigeria, except by gerrymandering and rigging.


~ By Ekenyerengozi Michael Chima

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Nigerian Legislators Dismiss the Removal of Fuel Subsidy

Inside the House of Representatives of the 7th National Assembly (2011-2015)

After their unruly emergency session on Sunday afternoon, the members of the Nigerian House of Representatives finally resolved to dismiss the unpopular removal of the fuel subsidy on petrol by the administration of President Goodluck Jonathan. And they advised the organized labour unions to dialogue with the government instead of going ahead with the nationwide strike planned to start tomorrow Monday January 9, 2012.

"We are sitting near a keg of gunpowder and we are playing with fire," said Rep. Pally Isumafe Obokhuaime Iriase of the Action Congress of Nigeria. "This will be the last straw that will break the camel's back if we do not act."

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Nigerian Legislators Are Behaving Like Unruly Pupils In A Classroom

Nigerian legislators often forget that they are no longer school pupils in a secondary school.

I have just been following the so called emergency session of the House of Representatives on Sunday January 8, 2012, to address the unpopular removal of the fuel subsidy on petrol and the state of emergency over terrorist attacks in the middle belt and northern states. But I see that majority of them are not really bothered as they are busy antagonizing themselves without any definite resolution.

Many of them are misbehaving like pupils in a classroom and laughing when the country is threatening to implode?

They said Nigeria is broke, but they are not even bothered about reviewing their own salaries and allowances and the lopsided revenue allocation formula.

Since Nigeria is broke, the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) should fix the total monthly salary of a senator at N1.06m and that of a House of Representatives member at N794, 000. And anyone who is not ready to accept it should resign!

After all, Nigeria was even a better country when there was no National Assembly. Therefore, a nation can function well without these so called lawmakers who are nothing more than political contractors in the corridors of power.

The following allowances should be suspended until further notice,with the exception of the allowances for annual leave.

Accommodation allowances, furniture allowances, vehicle allowances and travel allowances.


~ By Orikinla Osinachi

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President Jonathan Becomes the Most Hated Nigerian on Facebook

Following his unilateral removal of subsidy on premium motor spirit (PMS) on the first day of the new year, the fans numbering over 678,829 turned against him enmass and have been raining curses upon him in torrents.

Korrect Nation

From all indication­s of the nationwide protests over the removal of the fuel subsidy on petrol, majority of Nigerians will even welcome a coup d'état to remove the corrupt and unpopular administra­tion of their once beloved, but now called an incompeten­t President Goodluck Jonathan as the protesters are asking for his impeachmen­t. Ironically the much talked about good luck of his first name has turned to bad luck to the poor masses of Africa's most populous nation where the majority live on less than $2 a day.

Since President Jonathan has become the most cursed President on Facebook, majority of Nigerians will certainly celebrate his removal on the streets.

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Where President Goodluck Jonathan Failed

President Goodluck Jonathan plunged himself into a quagmire between the devil called "Boko Haram" and the deep blue sea of angry masses protesting the unpopular removal of the fuel subsidy on petrol since New Year's day to date.

Mr. President, Public Offers and Sensitization about Oil Deregulation
Came too late

~ By John Egbeazien Oshodi, Ph.D

No one doubts that there could be a long-term benefits for all Nigerians from the massive oil price deregulation but the ill-timed manner by which executive decision was made showed poor management style.

This leadership blunder has not only resulted in a state of economic and social confusion but it has equally received tensed response to split-minded way with which the government reached its decision.

The ineffectiveness behind the fuel subsidy removal order remains clear as evidenced in the people’s painful reactions.
Certainly, in an economy like Nigeria which is marked by severe economic gap and class division among the people, the President and his advisers could have fully prepared the nation, and should have anticipated the people’s reaction.


Majority of Nigerians have taken to the street in public protest against the undemocratic removal of the fuel subsidy on petrol. Photo Credit: Indepth Africa.


The corpse of Muyideen Mustafa, a protester shot dead by the government's law enforcement agency in Ilorin, Kwara State.

A reaction that could have been less hostile if the government had in the last few weeks and months talked openly about the grave need for oil subsidy removal.

The President could have made sure that everyone or targeted groups are informed of the full benefits of the deregulation of oil by carrying out vigorous campaigns across the country.

Today the President is faced with split opposition both at home and abroad. An opposition that is further complicated by the President’s close agents which include ministers and other executives. They who grossly failed to campaign for public preparation and change in this oil matters.

They failed for habitual and selfish reasons. And they appear to be in a state of ineptitude due to fear—a fear caused by the need to avoid the people, a fear surrounded by insensitivity in regards to the people’ day-to-day burden and plight.

Instead they are known to travel overseas wastefully and within the country ride in a convoy of cars to work, residence, market, church, mosque, and restaurants. A better approach leading to the removal of the oil subsidy could have been more helpful if the administration had done what it is doing now in terms of offers—buying sufficient numbers of mass transit vehicles duty free, reduction of salaries of political office holders, opening up employment and other sweet incentives!

The sudden announcement of these compromises has in an ironic way fired up the already exiting bubbling relationship between the administration and labor organizations.

It could have been more psychologically healthy for the administration if before now it had made operational declaration of fully fighting fraud and corruption, and if it had assured Nigerians of better ways to enhance their economic safety.

Now this mindless act of not passing out public information on time in regards to their subsidy plans is being complicated by a reported court order to stop the strike. But it appears that this tactic came too late as the bitterness and rage has grown too deep in the people.

Now there could be threat to public peace, to national security and even to the demonstrators. No matter how this trouble ends, one great lesson from this lack of
good time management and poor information/sensitization campaign to policy issues is that the President and his persons will learn to use less desperate and harsh moves to address Nigerians on realities like the subsidy removal. This is essential in order to avoid any future abrupt, hasty and underhanded announcement like the subsidy removal decision.

Let us hope that the proposed people’s mass protests does not result in a state of harm and evidence a show of injustice from both sides in order to reduce more trouble, woe and discomfort to the nation.


~ John Egbeazien Oshodi, Ph.D, is the Secretary-General of the Nigeria
Psychological Association (NPA), Abuja, jos5930458@aol.com

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Platts: December Petrochemical Prices Slip Nearly 1% on Year-End Slowdown

6 Jan 2012 17:13 Africa/Lagos
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Platts: December Petrochemical Prices Slip Nearly 1% on Year-End Slowdown

LONDON, Jan. 6, 2012 /PRNewswire/ -- Platts – Prices in the $3-trillion-plus global petrochemicals marketplace slipped nearly 1% to $1,161 per metric tons (/mt) in December, according to the just-released monthly average of the Platts Global Petrochemical Index (PGPI), a benchmark basket of seven widely used petrochemicals.

This compares to a November PGPI monthly average price of $1,162/mt. The somewhat sideways price trend is largely attributed to the typical end-of-year slowdown in the petrochemical markets. Historically, liquidity tends to thin ahead of the holiday season, according to Platts, the founder of the index and the physical market price assessment processes for each of its components.

On an annual basis, the December 2011 PGPI average was down 6.9% from the same period in 2010.



PLATTS GLOBAL PETROCHEMICAL INDEX IN U.S. DOLLARS PER METRIC TON

PGPI Monthly Average

Dec-'11

$1,161.00

Dec-'10

$1,194.00

% Chg

6.9%

Nov-'11

$1,162.00

Oct-'11

$1,200.00

Sep-'11

$1,324.00

Aug-'11

$1,397.00

Petrochemicals are used to make plastic, rubber, nylon and other materials for consumer products, packaging, manufacturing, construction, pharmaceuticals, aviation, electronics and nearly every commercial industry.

Three of the seven PGPI components' monthly averages were lower in December. The largest drop was seen in propylene, which fell 6% to $1,057/mt, down from $1,125/mt in November. That drop in propylene was felt in polypropylene prices, which fell 5% to $1,350/mt, down from $1,420/mt in November.

On an end-of-day, end-of-month basis, the PGPI market-on-close value was $1,173/mt on December 30 – a 2% increase compared to the end-of-day, end-of-month value for November of $1,149/mt. The slight rise marks the first end-of-day, end-of-month value gain recorded since July 2011. Month-end closing prices are often used for valuing portfolios.

In December, global petrochemical markets traditionally see a drop in liquidity ahead of the holiday season. This is due to U.S. inventory levels typically being reduced ahead of the New Year as companies try to decrease their end-of-year inventory taxes. In Asia, petrochemical converters also work through their inventories ahead of the Lunar New Year holiday, which this year starts on January 23, 2012.

Despite the December lull, the January PGPI monthly average price has historically been stronger as companies restock following the New Year. Since the PGPI was introduced in 2007, the January PGPI price has averaged 10% greater than the previous December.

The minor change in the December PGPI also mirrored the relatively stable global equity markets. Through December, global equity markets were relatively flat, with both the Dow Jones Industrial Average (DJIA) and Financial Times and the London Stock Exchange Index (FTSE) gaining less than 1.5% each. The Nikkei 225 also was higher, but only by a quarter of one percent.

The largest gain in December was in the global benzene index, which climbed 10% to $1,033/mt, up from $940/mt in November. Ethylene prices also were significantly higher, climbing more than 4% to $1,121/mt, up from $1,074/mt in November. To access a summary of the December performance of each of the seven key petrochemicals included in the PGPI, visit this link: http://www.platts.com/newsfeature/2012/pgpi/index.

The PGPI reflects a compilation of the daily price assessments of physical spot market ethylene, propylene, benzene, toluene, paraxylene, low-density polyethylene (LDPE) and polypropylene as published by Platts and is weighted by the three regions of Asia, Europe and the United States. Used as a price reference, a gauge of sector activity, and a measure of comparison for determining the profitability of selling a barrel of crude oil intact or refining it into products, the PGPI was first published by Platts in August 2007.

Published daily in Platts Petrochemical Alert, a real-time news service, and other Platts publications, the PGPI is anchored by Platts' robust and long-established price assessment methodology and the firm's 100-year history of energy price reporting.

Platts petrochemicals experts are available for media interviews, consult Platts Media Center. For more information on petrochemicals, visit the Platts website at www.platts.com.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets. A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com .

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/ .


SOURCE Platts

CONTACT: Kathleen Tanzy, +1-212-904-2860, Kathleen_tanzy@platts.com; Additional media contacts: Elizabeth Catalano +1 212-904-4937; In Asia: Casey Yew +65 653 06552; In Europe: Shiona Ramage +44 207 1766153

Web Site: http://www.platts.com

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