Library / Page 1 of 8 MIDSTREAM AND DOWNSTREAM PETROLEUM DISPOSAL OF CONFISCATED MATERIALS AND EQUIPMENT REGULATIONS, 2023
Page 1 of 8 MIDSTREAM AND DOWNSTREAM PETROLEUM DISPOSAL OF CONFISCATED MATERIALS AND EQUIPMENT REGULATIONS, 2023
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Page 6 of 8 expenses relating to the disposal activity. 7. (1) Properties confiscated by the Authority may be disposed of in any manner including- (a) sale by public tender; (b) sale by public auction; (c) outright sale at a fixed price; or (d) donation to a “deserving cause”; and/or (e) destruction; dumping, burying, or burning. (2) Where the disposal is by public tender, the award in the disposal of confiscated properties shall be made to the highest rated bidder whose bid shall be equal to or above the reserve price. The procedure shall be through open bid, restricted bid, or request for quotation. (3) Where the disposal is by public auction, the Authority shall use an auctioneer from a pre-qualified list or appoint one through an appropriate competitive and transparent method. The Disposal Committee shall approve of the selected auctioneer. (4) The Authority shall opt for outright sale at a fixed price where some of the items to be disposed may be obtained by displaying goods for sale with a market price. In choosing this method, the Authority shall consider the cost of valuing the asset(s) and the cost of advertising the subject property(ies). (5) The Authority shall opt to use conversion or recycling of properties as a disposal method where- (a) where the properties have no identifiable residual usefulness to the procuring entity and may still have some value that may be obtained through conversion into another form or recycling; or (b) on grounds of public interest, legal or human rights issues or environmental considerations; or (c) where there is the potential of obtaining monetary return from conversion or recycling. (6) The Authority, after considering the environmental effects and obtaining the relevant clearance, may destroy, dump, bury or burn confiscated properties only when all other disposal options have been eliminated and no conversion into another form or Disposal Methods
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