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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recycling possibilities can be identified. 
 
(7) Where property is being disposed by means of public tender, all 
tenders shall be in writing and submitted to the office of the 
Authority Chief Executive. 
 
(8) The Authority Chief Executive shall have the discretion to cancel 
the sale of any confiscated property offered for sale by auction 
or tender where no bid or tender meets the minimum bid or 
tender set before the sale, or the Authority Chief Executive does 
not consider any of the bids or tenders acceptable. 
 
(9) Where two or more tenders in respect of a property are in the 
same amount, the first tender received by the Authority shall be 
given precedence. 
 
(10) The Authority shall give notice in writing to the person whose 
bid or tender in respect of a property has been accepted and 
shall by such notice prescribe the period within which the sale 
must be completed. 
 
(11) Where a person whose bid or tender has been accepted does 
not complete the sale within the period prescribed by the 
Authority in its notice referred to in sub-regulation 7(10), the 
Authority Chief Executive may cancel that sale and accept he 
next best acceptable bid or tender. 
 
(12) The Authority may require a deposit from the person who 
submits a bid or tender to guarantee the completion of a sale. 
 
(13) Where a person whose bid or tender has been accepted in 
accordance with the provisions of these Regulations, fails to 
complete the sale within the time prescribed by the Authority, 
the deposit paid by such person shall be forfeited to the 
Authority in its entirety. 
 
(14) Notwithstanding 
anything 
herein 
contained, 
where 
the 
Authority considers a confiscated property to be unsuitable for 
sale or insufficient in value to justify a sale, the Authority may 
dispose of such property in any other manner including the 
execution of a release or discharge. 
 
(15) When items have been disposed through any of the methods 
prescribed 
by 
these 
Regulations, 
a 
standard 
disposal