Mastering the Art of Crude Oil Brokerage: A Step-by-Step Guide

Crude oil brokerage is very lucrative, offering a high and fast income earning potential. In fact, it is the best opportunity for a beginning wealth builder to start a petroleum products marketing business without capital investment. I guess you are now wondering how that is possible. Read on to learn more about the crude oil brokerage business and the steps involved in starting the business.

 
Crude oil brokerage simply involves scouting for buyers and end users of crude oil products on behalf of one or more major independent petroleum products marketers with whom you have already established a sales contract. (Call it the offline version of affiliate marketing, and you would be right).

 
For example, if you can connect a buyer who needs 30,000 liters of AGO or DPK with a marketer who has agreed to pay you a commission of 50k per liter, you will earn N15,000 from that deal alone. This way, you can make money without investing anything except the time spent scouting for buyers. The more companies you have deals with and the more customers you can attract, the more monthly profit you will make.

 
However, you must bear in mind that the business goes far beyond the description above, as certain intricacies and trade secrets are known only to veterans in the business. This article will only explain the basics you need to understand about the business. You will have to learn the rest independently or on the job.

 
With the above in mind, let’s start a crude oil brokerage business.

Understanding the Crude Oil Industry

Before diving into the specifics of crude oil brokerage, it is crucial to have a solid understanding of the industry as a whole. Crude oil is a highly sought-after commodity, and its demand is driven by various factors such as economic growth, geopolitical events, and environmental concerns. Familiarize yourself with crude oil extraction, refining, and transportation basics. Stay updated on market trends, price fluctuations, and supply and demand dynamics. This knowledge will provide you with a strong foundation to excel in the world of crude oil brokerage.

The Role of a Crude Oil Broker

As a crude oil broker, your primary role is to facilitate the buying and selling of crude oil between buyers and sellers. You act as a middleman, connecting parties looking to buy or sell crude oil. Your expertise lies in understanding buyers' and sellers' needs and requirements and finding the best possible match. This involves conducting market research, identifying potential clients, negotiating deals, and ensuring smooth transactions. A successful crude oil broker is a trusted advisor, providing valuable insights and guidance to their clients.

Skills and Qualifications Required for Crude Oil Brokerage

Certain skills and qualifications are essential to thrive in the world of crude oil brokerage. Firstly, a strong understanding of the crude oil industry and its dynamics is crucial. This includes knowledge of pricing mechanisms, market trends, and trading strategies. Additionally, excellent communication and negotiation skills are vital for building relationships with clients and suppliers. Attention to detail, analytical thinking, and problem-solving abilities are essential traits for a successful crude oil broker. While a formal education in business or finance is beneficial, practical experience and industry connections can also be valuable assets.

Setting up Your Crude Oil Brokerage Business

Once you have acquired the necessary skills and qualifications, it's time to set up your crude oil brokerage business. Start by developing a comprehensive business plan that outlines your goals, target market, and strategies for growth. Register your business and obtain any required licenses or permits. Create a professional website and establish a solid online presence. Invest in reliable communication tools and software to streamline your operations. Building a solid foundation for your business is essential for long-term success in the competitive world of crude oil brokerage.

Building a Network of Clients and Suppliers

One of the critical aspects of being a successful crude oil broker is building a solid network of clients and suppliers. Start by identifying potential clients and suppliers within the industry. Attend industry conferences, trade shows, and networking events to meet key players and establish connections. Leverage social media and online forums to expand your network and engage with industry professionals. Building trust and strong relationships with your clients and suppliers is crucial to your success as a crude oil broker.

Negotiating and Closing Crude Oil Deals

Negotiating and closing deals is at the core of crude oil brokerage. It requires industry knowledge, communication skills, and strategic thinking. When negotiating a deal, ensure that you understand the buyer and seller's needs and objectives. Conduct thorough market research to determine fair prices and terms. Communicate effectively and build rapport with both parties to facilitate a smooth transaction. Pay attention to the deal's details, including shipping logistics, quality specifications, and payment terms. A successful crude oil broker knows how to navigate the complexities of negotiations and close deals that benefit all parties involved.

Managing Risk in Crude Oil Brokerage

The crude oil industry is inherently risky, and as a broker, managing and mitigating these risks is essential. Understand the risks of crude oil brokerage, such as price fluctuations, geopolitical events, and operational challenges. Develop risk management strategies and implement them in your business operations. Stay updated on industry news and market trends to anticipate potential risks. Diversify your client and supplier base to reduce dependency on a single party. You can protect your business and ensure its long-term sustainability by effectively managing risk.

Legal and Regulatory Considerations in Crude Oil Brokerage

Operating a crude oil brokerage business involves complying with various legal and regulatory requirements. Familiarize yourself with the laws and regulations governing the crude oil industry in your jurisdiction. Ensure you have the licenses and permits to operate as a broker. Stay updated on any changes in legislation and adapt your business practices accordingly. It is also important to establish clear contractual agreements with your clients and suppliers to protect all parties involved. Consulting with legal professionals specializing in the crude oil industry can provide valuable guidance in navigating the legal landscape.

Marketing and Promoting Your Crude Oil Brokerage Business

Effective marketing and promotion are essential for attracting clients and suppliers in the competitive world of crude oil brokerage. Develop a comprehensive marketing strategy that includes online and offline channels. Create engaging content that showcases your expertise and highlights the benefits of working with your brokerage. Utilize social media platforms, industry publications, and trade shows to reach your target audience. Build a strong brand identity that resonates with your clients and sets you apart from competitors. By implementing a strategic marketing plan, you can increase your visibility and establish your crude oil brokerage business as a trusted industry leader.

Resources and Tools for Crude Oil Brokers

As a crude oil broker, access to the right resources and tools can significantly enhance efficiency and effectiveness. Subscribe to industry publications and newsletters to stay updated on market trends and industry news. Utilize trading platforms and software that provide real-time data and analysis. Join professional associations and organizations to access networking opportunities and industry-specific resources. Invest in training and education programs to continuously enhance your skills and knowledge. By leveraging these resources and tools, you can stay ahead of the curve and maximize your success as a crude oil broker.

How to Start a Crude Oil Brokerage Business – Sample Business Plan Template

1. Learn the basics of the business

The first step is to learn the various terminologies used in the crude oil trade. The following are some of the most commonly used terms and their meanings:

• FOB (Free on Board): This classic maritime sales term means that the seller must load the goods on board the ship nominated by the buyer. The seller shouldered the costs of clearing the goods for transportation or export.
• TTO (Tanker-Take-Over): This is a situation where a buyer takes over hiring a loaded tanker along with the product it contains.
• TTT (Tanker-to-Tanker Transfer): This refers to a situation where the buyer hires his own vessel and uses the same to purchase products from the seller.

These terms describe the various forms of delivery arrangements between buyers and sellers of petroleum products. Many other terms are still used in the trade, which you will have to learn before proceeding into real business.

2. Connect with genuine oil marketers

After understanding the terminologies used among oil marketers and sellers, you must find genuine oil marketers with mouth-watering sales deals. You can search the web for reputable, prominent oil marketers around you. Once you find their contacts, you can proceed to call them on the phone or email them to inquire whether they work with brokers and how much commissions they offer, if they do.

 

3. Search for buyers

Once you have found oil marketers you can work with, you will search for buyers. You can approach big consumers of petroleum products and offer to link them up with your marketer. Most consumers will be reluctant to buy through you at first, but you can lure them into doing that by offering a slightly lower price than their current oil suppliers.

 
Convincing sellers to buy from the marketer you are promoting is difficult, as most consumers are skeptical. But if you can land several large-scale consumers, you could become rich overnight.

 
Once again, never feel tempted to plunge into the crude oil brokerage business without taking your time to learn more about all it entails. This is very important, especially if you intend to go into the business for the long term. There is much more to learn about this business than the information you have learned in this post.

 
With hard work, diligence, and proper implementation of working market tactics, you will earn huge profits soon after starting your crude oil brokerage business. And that might just be your gateway into bigger oil businesses.

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7 Steps To Become a Cooking Gas Distribution Company

Indeed some businesses require a lower level struggle to market and a business that deals in essential commodities is one of them. If you desire to start your own business and you are scared of taking the bold step to go ahead and set up the business simply because you are afraid of the hard task involved in making your business known by all and sundry, then you need to look at starting a business that deals with essential commodities or services.

One of the businesses that deal with essential commodities that you can comfortably start and make a huge profit within a few months of starting, is the cooking gas supply business. Cooking gas is an essential commodity in most households. Therefore, if you live in a city where the distribution of cooking gas is not a government affair, then you can consider starting your own cooking gas distribution business.

Aside from a few countries cum cities in the world where cooking gas can be directly distributed into apartments via already installed pipelines, the usual practice is that people get their gas cylinders refilled by a retailer that deals in the distribution of cooking gas. The startup capital required to successfully start a cooking gas distribution business varies from city to city and from country to country- but on average, it is not expensive to start a cooking gas distribution business. What is more, the business is highly profitable.

Now let us consider the steps to follow if you intend to start your own cooking gas distribution business from scratch in your city;

Starting a Cooking Gas Distribution Company – Sample Business Plan Template

1. Feasibility Studies and Market Survey is required

First things first; if you want to build a successful business as an entrepreneur, then you should spend time and resources conducting thorough feasibility studies and market surveys. The report you derive from your feasibility study helps you to locate the most suitable locations to set up your business, the kind of training that you would need to be able to effectively manage the business, an estimated cost of the startup capital that you would need, your likely competitions and all you would need to set up and manage the business with. Your feasibility study should expose your strengths, your weaknesses, your opportunities, and the threat you stand to face in the industry.

2. Draw up a Good Business Plan

The role of a good business plan in any startup business cannot be relegated to the background. Your business plan is not just a business tool that gives your business direction, but also a business tool that helps you access funding for your business.

One of the vital documents that will be required of you when you approach any bank for a loan or when you want to seek an investor to invest in your business is your business plan. You don’t necessarily need to write a world-class business plan if you want to start a cooking gas distribution business, but the bottom line is that you must ensure that you have a business plan in place before launching your business.

3. Raise Your Start–up Capital

With less than $5,000, you can successfully start your own cooking gas distribution business in any part of the world. Before going out there to raise the startup capital for your business, ensure that you have done a proper marketing survey and feasibility study to know the amount that you would need to set up a gas distribution business in your city. In case you don’t have the required startup capital saved up somewhere, you can approach your bank for a loan, you can approach investors and you can raise the money from your family members and friends.

4. Register a Business Name

There are no restrictions to the caliber of clients that you are likely going to attract when you start your cooking gas distribution business. The way you can put a restriction on how big you want to grow your business is by not considering getting your business registered.

Aside from the fact that you are expected to supply cooking gas to homes, you can also supply cooking gas to hotels, schools, clubs, restaurants, and corporate organizations that run their own guest houses. Most of these clients would not want to do business with you when they realize that your business is not registered. So, ensure that you choose a business name for your cooking gas business, and get it legally registered with the corporate affairs commissions of your country.

5. Rent an Office Facility

One of the best locations to set up a cooking gas distribution business is in and around residential areas. The rule of thumb is to ensure that your shop/office is visible enough for people to notice. You can talk to your realtor to help you get an affordable facility that will meet your business needs and budget.

6. Purchase the Needed Equipment and Business Tools

Some of the things that you would need if you want to start a cooking gas distribution business are empty gas cylinders, rubber gas pipes, gas regulators, weighing machines, and delivery vans. You are also expected to make provisions for the purchase and installation of fire and safety gadgets in your shop/office.

7. Market Your Business and Map out Distribution Channels

If you are able to secure a good location for your business, you will struggle less to market your products. What you need to do if you want to market your cooking gas distribution business is to print handbills and adopt the door-to-door approach to distributing the handbills. You can also attend tenant and landlord association meetings to market your business.

One of the approaches you can adopt if you have competitors in the community where your cooking gas distribution business is located is to offer free pickup and delivery services to your clients. Ensure that you create a database for your customers and then map out your distribution channels.

There you have it; the steps to follow if you want to start a cooking gas distribution business.

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20 Type of Business and Opportunities in the Oil and Gas Industry

The oil and gas industry is perhaps the most strictly regulated sector, yet; it remains probably the most profitable and risky. In fact, crude oil or petroleum and its derivatives are essential commodities that are consumed on daily basis.

Despite the massive agitation for the adoption of alternative renewable energy resources, oil still remains the number one because 99.99% of all vehicles and machines use either PMS (Petrol) or AGO (Diesel). So the demand for petroleum products is not going anywhere in the nearest future because it will take decades before the concept of renewable energy will fully be accepted.

Now running a business in the oil and gas is a very lucrative venture, many have become millionaires and few went on to become billionaires as oil and gas (Black Gold) merchants. Below are some people who made their wealth in the oil and gas industry.

List of Oil and Gas Billionaires

• John D. Rockefeller  –  Standard Oil
• J. Paul Getty  –  Getty Oil
• Harold Hamm  –  Continental Resources
• Dhirubhai Ambani, the father of Mukesh Ambani  –  Reliance industries
• George Mitchell  –  Mitchell Energy
• T. Boone Pickens
• George Kaiser
• Vagit Alekperov  –  Lukoil
• Eike Batista  –  OGX Oil and Gas
• Mike Adenuga  –  Continental Oil and Gas
• Folorunsho Alakija  –  Famfa Oil Ltd
• Femi Otedola  –  Forte Oil
• Roman Abramovich

You can also check out the list of richest school drop out billionaires. Now I believe that the list above will serve as a source of inspiration to you that there is money in the oil and gas sector. You don’t need to be resident in an oil producing state like Nigeria, Saudi Arabia, United states, etc to cash in on this opportunity.

You don’t also need to be rich to be an oil merchant, as there are several lucrative low startup capital services within the oil and gas industry. All you need is the will to succeed, and the technical know-how of the business you want to venture into. So without wasting your time, below are some profitable business opportunities in the oil and gas sector.

N.B: I want to repeat what I said earlier that the oil and gas industry is a strictly regulated industry, so you might be faced with challenges of getting licensed or accreditation. For instance, to become an oil dealer or service provider in Nigeria, you will have to scale the hurdles of getting licenses and approvals from NNPC, CAC (Corporate Affairs Commission), PPPRA (Petroleum Products Price Regulatory Agency), DPR (Department of Petroleum Resources), etc.

19+ Business ideas and Opportunities in the Oil and Gas Industry

1. Oil Drilling and Exploration

Venturing into oil and gas exploration is the most risky but profitable business in the petroleum sector. To venture into this field, you will need massive amount of capital, heavy machinery, a highly competent technical team and an approval from the government. In Nigeria, such approval is called an “Oil Prospecting License (OPL).” Companies operating at this level include Exxon Mobil, Texaco, Chevron, Conoil, etc.

2. Equipment Leasing

Now if you lack the financial muscle or capacity to venture into oil exploration, you can still tap into the wealth by setting up an equipment leasing company specifically to serve the petroleum sector.

3. Petroleum Refining

Another profitable business in the oil and gas sector is petroleum refining. Now you can setup your own small private refinery and compete with the giants, since oil is a commodity that has no unique selling point. For instance, with the deregulation of the downstream sector in Nigeria, and the current upstream deregulation plus the planned subsidy removal; setting up a private refinery is the next business that will kick off in Nigeria.

4. Crude Oil Exportation

5. Fuel Importation

6. Offshore Trading

Now some oil shipping tankers don’t have the right to sail through the waterways of certain countries, so what they do is to sell of their oil at the border to a merchant whose ship have the right to enter the country. If you have the financial capacity and logistics to buy these products offshore at a bargain, you can make some profits from the margin

7.  Oil Farm / Depot

You can also setup a tank farm and sell petroleum products to distributors and retailers. In this case, you will need to build massive tank farms or reservoirs to store your products as you will either import your own products, or source your products from the local refineries or buying from the oil tankers.

8. Fuel Haulage and Logistics

Do you want to operate a business in the oil and gas sector but you want to avoid the hassles of getting a license and the strict compliance required to run an oil company? Then you can simply purchase trucks and haul petroleum products for marketers from the depots to their desired destinations.

9. Filling Stations – You can also setup a fuel station and retail petroleum products such as PMS (Petrol Motor Spirit), AGO (Diesel), DPK (Kerosene) to domestic and commercial users.

10. Petrochemicals refining – You can also venture into the production of petrochemicals such as Benzene, Ethylene, Ammonia, Toluene, etc.

11. Domestic Kerosene Retailing

Just recently, I have started seeing mini fuel stations with just a pumping machine; within some streets in Lagos, Imo and some others states. This mini fuel stations are simply retailing Kerosene to households and domestic users. If you don’t have the funds to purchase motorized pump-machines, you can start by using big barrels. But remember that you must be licensed before you can start this business.

12. Gas Wholesaling and Retailing – You can also setup a gas plant, or a wholesaling point. Or better still, you can retail domestic gas like ethane and butane, etc.

13. Petroleum Supply on Contract Basis

You can also supply AGO (Diesel) to companies that run heavy duty power generators like banks, manufacturing firms, telecom companies, etc. You can also supply aviation fuel to airlines on demand-and-supply basis.

14. Oil and Gas Consulting

Have you being employed in the oil and gas industry for a long time? Do you have the skill and experience? Do you understand the modus operandi of some specific oil businesses?

Then you can become a consultant with expertise in the oil and gas industry. Your duty here is to offer advice and guidance to entrepreneurs and investors seeking to venture into the oil and gas industry. You can also help them scale the hurdles of the oil industry.

15. Oil and Gas Brokerage Services

Even if you have no money to venture into the oil and gas business, you can still profit from the industry by offering brokerage services between buyers and sellers of petroleum products.

16. Blogging – You can also start a blog profiling oil and gas companies; and keeping the stakeholders abreast with the happenings in the oil and gas sector.

17. Publish a Magazine – Just as in the case of blogging, you can start a hard cover magazine focusing on the oil and gas sector.

18. Start a TV Show production

You can also launch a TV show targeting the oil and gas sector. You can profile and interview entrepreneurs in the oil sector, review the challenges in the petroleum sector, etc.

19. Oil and Gas related services

You can also start an oil and gas services company. Your company can choose to offer services such as safety, hazard control, pipeline installation, other installations, pipeline monitoring and security, etc.

20. Invest in Oil and Gas companies

Now if you lack the capital or the entrepreneurial prowess to venture into the oil and gas business, you can still make money off the industry by investing in a reputable oil and gas company with proven track record. Just ensure you do your due diligence before you invest a dime.

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13 Steps To Become a Gas Station Business

The oil and gas industry is one of the biggest and lucrative industries. In fact, it is probably one of the most vital sectors of the economy because every other industry is dependent on its output; which are petroleum products. This is why almost all the world billionaires and richest people own considerable investments in the oil and gas sector.

Now what is a gas station? A gas station (filling station or fuel station) is a place petroleum products such as DPK (Dual Purpose Kerosene), PMS (Premium Motor Spirit or Petrol), AGO (Automated Gasoline Oil or Diesel), Lubricants, etc are retailed and sold to end users such as motorists.

5 Reasons Why You Should Start a gas station business

• It is a tangible investment and asset
• It is a profitable business with good profit margin (volume based).
•  Petroleum products sell themselves, so there’s little need for marketing
• Income / revenue is almost certain because petroleum products are a daily need for vehicle owners, industrialists and families.
• The world is still heavily dependent on oil, despite the campaign and increased awareness towards conservative or renewable energy.

Starting a Gas Station Business – Sample Business Plan Template

1. Prepare yourself

Before setting out to establish a gas station, you must be adequately prepared; mentally, physically and financially. Why? The reason I say this is because the petroleum industry is strictly regulated, filled with lots of bureaucratic processes, very capital intensive and risky. So it is not an industry for the lily-livered.

2. Conduct feasibility study

Success in this business is hugely dependent of adequate fore-planning and preparedness. So before investing a dime to erect a fuel station, it is important that you conduct a critical research. This step will help you avoid some bottle-necks and mistakes; and invariably increase your chances of success.

3. Prepare your business plan

A business plan is very important because it is the only document that can prove to investors and your bankers that you have done your homework. That’s why after the feasibility study phase, the next important phase is to write a business plan.

Your gas station business plan should contain everything about your proposed business such as the cost of the project, financial projections, risk sensitivity analysis, possible problems that might be encountered and how to deal with them, your management strategy, your marketing plan, mission and vision statement, executive summary, your personal profile and biography, etc.

To avoid misquotations and miscalculations, it is advisable you conduct feasibility research and work on your business plan alongside a business consultant or a consultant specialized in the oil and gas sector.

4. Raise the needed capital

After developing a business plan, you can now proceed to raise the needed capital. You can choose to either self finance the project, raise money from private investors or take a bank loan. Regardless of the route you choose to take, just make sure you know what you are doing.

5. Secure a good location

A gas station is location-driven. What this means in essence is that establishing your filling station in a good location will almost guarantee success; as you will likely not invest much in running advertisements. Examples of good locations are:

• Commercial areas
• Areas or road intersections with high vehicular traffic
• Along major highways
• Industrial areas
• Residential areas (If you are sited here, that means you will need to focus on retailing Kerosene)

 6. Incorporate your company

One of the prerequisite for obtaining your license of operation is your certificate of incorporation and tax clearance. So therefore, incorporating a company name is a must. I advice you seek the services of a lawyer or attorney.

7. Obtain the necessary licenses and permit

Obtaining licenses, approval and permit to run a filling station is where the major problem lies. Like I said earlier, the oil and gas industry is strictly regulated. In fact, I personally know some individuals who gave up at this phase; just because of the stress involved with getting approval for their mini kerosene depot.

To make the process easier, I recommend you seek the advice of an oil and gas consultant; or better still, you can talk to an already established gas station owner.

Now using Nigeria as a reference point and case study, there are about five regulatory bodies you may have to deal with in the quest to obtain your license, commence full operation and get regular supplies. They bodies include:

• DPR – Department of Petroleum Resources
• PPPRA – Petroleum Products Price Regulatory Agency
• PPMC – Pipelines and Products Marketing Company
• NNPC – Nigerian National Petroleum Corporation

It is also important to note that you may need to join various associations and unions such as:

• IPPMAN – Independent Petroleum Products Marketers Association of Nigeria
• NUPENG – National Union of Petroleum and Gas Workers

8. Build the gas station

A gas station business requires a huge amount of money for its establishment. There is no definite amount for starting this business as the cost may vary due to factors such as location, size of station, number of fuel pumps, type of extra services offered. Now when planning for your gas station, you need to consider some costs such as:

• Cost of land acquisition for the gas station
• Cost of gas station construction
• Cost of installing underground tanks
• Cost of equipments and facilities
• Insurance rate / fee
• Cost of getting business permits and licenses
• Cost of buying fuel supplies

9. Buy the necessary equipment

• Computer system with accounting package inclusive
• Gas supplying trucks / tankers, etc.
• Fuel pump and dispenser
• Underground and surface tanks
• Calculators

10. Look for petroleum product suppliers

If you have trucks or tankers, then you can go sourcing for the products yourself but if you are just starting out, then you need to strike a deal or contract with truck owners or fuel distributors / suppliers. They will be responsible for hauling products for you from the depots and ensuring you have a steady supply of petroleum products.

11. Hire employees

Running a gas station is management intensive, so you will need extra hands to cover positions such as pump attendants and a manager. Once you hire employees, you are good to go.

12. Add other income or revenue sources

Once your fuel station is up and running, you can choose to expand your revenue sources by considering additional business opportunities such as:

• A snack corner or fast food joint. This can bring in much income, as hungry drivers will appreciate buying a quick snack on the road. Food retailing is now provided by several gas stations, it is the main big trend in Gas Retail for 2013.
• You can also add a convenience store that retail items such as alcohol and tobacco, you have to carry out a research on the legal requirements for selling these kinds of products.
• You can also install a car wash service
• Or better still, you can allocate a space to a mechanic to carry out car maintenance services.

13. Grow the business

10 Marketing Ideas / Strategies for a Gas Station

Petroleum products are commodities, thus making them quite difficult to brand. Secondly, the retail prices are strictly regulated by the government. However, there are a few ways you can distinguish your fuel station. Examples of such ways are:

• Sell your products at a competitive price
• Observe loyalty programs for regular customers
• Encourage your staff to be friendly with customers and build a relationship with them
• Employ good looking boys and girls as pump attendants
• Encourage your customers to refer their friends and family
• Be honest, don’t alter or tamper with your pump meter
• Choose a good, memorable name for your fuel station
• Reward your loyal customers every festive season such as Christmas, Easter, etc
• Build a brand identity. Put your staff on smart looking uniforms.

8 Challenges of Running a Gas Station

• Setting up a gas station is a capital intensive project
• Running this business requires a technical know-how
• It is also management intensive
• This business is location driven, so you will also need to deal with the challenge of getting a nice location.
• Take it or leave it, the oil and gas industry is one of the most strictly regulated sectors, not just in Nigeria but all over the world
• Inconsistent government policies can also be a challenge
• The oil and gas industry in general is hugely affected by environmental and political events such as wars and rumors of wars, etc.
• Getting an operating license to become an independent petroleum marketer is quite difficult especially in Nigeria; as you have to go through a lot of bureaucratic hurdles.

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