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Defeat for May as Lords Vote to Give Parliament ‘Meaningful Brexit Vote’

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Theresa May
  • Defeat for May as Lords Vote to Give Parliament ‘Meaningful Brexit Vote’

Theresa May has suffered a major defeat in the Lords, paving the way for a fresh Commons showdown with pro-EU Tory backbenchers over her Brexit plans.

Peers voted by 354 to 235 – a majority of 119 – to give parliament a “meaningful vote” on the final Brexit deal reached between the government and Brussels.

The division list revealed there were 22 Tory rebels in the Lords who backed a new amendment, including the former deputy prime minister Lord Heseltine and former ministers Lord Patten, Lord Willetts and Baroness Warsi.

The decisive vote means the amendment to the EU (Withdrawal) Bill will now be passed back to MPs for a vote when the legislation returns to the Commons on Wednesday.

It sets the stage for a significant clash between the prime minister and pro-EU Tory rebels who have warned they are gearing up to vote against the government on the issue.

The new motion, referred to as “Grieve II”, is along the lines of the compromise agreement Dominic Grieve, the Conservative MP and former attorney general, said he believed he had reached with Ms May last week.

Tensions heightened after Mr Grieve said on Sunday that the Tory rebels could “collapse” the government if they disagreed with the final outcome of the withdrawal talks, and had the right to a proper say on Brexit.

Lord Hailsham, the former Tory minister who tabled the amendment in the Lords, said it required the government, in the absence of any political agreement by the end of 21 January 2019, to make a statement setting out how it proposed to proceed and allow MPs to vote.

Under government plans, if MPs reject the agreement reached by Ms May with Brussels, or if no deal has been obtained by 21 January, parliament will be offered the opportunity to vote on a “neutral motion” stating it has considered a minister’s statement on the issue.

Crucially, the motion will be unamendable, meaning MPs cannot insert a requirement for Ms May to go back to the negotiating table, extend the Brexit transition or revoke the UK’s withdrawal under Article 50.

During the heated debate, Lord Hailsham said the government had failed to deliver on its promise to provide MPs with a “meaningful vote” on the final deal.

He said Mr Grieve believed he had reached an agreement with the government last week on the issue, but it appeared “senior ministers” had objected to the proposals and it had now been “repudiated”.

He acknowledged he did not believe in Brexit, which was a “national calamity”, but insisted the House of Commons should have a “decisive say one way or another”.

“This government has sought to prevent a meaningful vote in every possible way. I want to ensure that parliament does have a meaningful vote and I don’t want to see that left to chance,” he added.

The prime minister said she had been listening to the concerns of critics but the legislation must not restrict her freedom in talks with Brussels.

“As we keep faith with people who voted to leave the European Union, and many of those who didn’t but are now saying ‘let’s just get on with it’, we need to make sure we are putting this legislation into place,” she said.

“But as we do that, of course we have been listening to concerns about the role of parliament, but we need to make sure that parliament can’t tie the government’s hands in negotiation and can’t overturn the will of the British people.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Energy

FG Set to Unveil Nigeria’s Largest 15 Million-Litre Aviation Fuel Depot in Lagos

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ValueJet

The Federal Government has announced plans to unveil a 15 million-litre aviation fuel depot in Lagos State on October 17, 2024.

This announcement was made by the Group Managing Director of Masters Energy and Chairperson of the JUHI-2 Board, Mrs. Patience Dappa, via a statement on Thursday.

Dappa revealed that the Joint User Hydrant Installation 2 (JUHI-2), which she described as the largest airside jet fuel depot in Nigeria, will mark a significant transformation for the nation’s aviation sector.

She disclosed that the facility will be located near Murtala Muhammed International Airport, Lagos, and will serve as a storage and supply hub for the airport and other nearby airbases.

Dappa stated, “The Nigerian aviation industry is poised for a significant transformation with the upcoming commissioning of the Joint User Hydrant Installation 2, the country’s largest airside jet fuel depot. The facility will officially open on October 17, 2024, at the JUHI-2 Facility located off the Murtala Muhammed International Airport road, Lagos.

“The depot will serve as a crucial storage and supply hub for jet fuel, ensuring a steady fuel supply to Murtala Muhammed International Airport, MMA2, MMA1, and nearby airbases.”

Meanwhile, the Managing Director/Chief Executive Officer of Eterna Plc and Chairman of the JUHI-2 Commissioning Committee, Abiola Lawal, described the facility as a state-of-the-art depot, adding that it will meet fuel demands and enhance aviation operations in the country.

Lawal revealed that the depot will be unveiled by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

According to him, “This state-of-the-art depot will significantly enhance aviation operations, meeting the fuel demands of a wide range of flight activities.

“The commissioning event will be attended by key stakeholders from the aviation and energy sectors and will be officially presided over by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“JUHI-2 is a joint venture between Eterna Plc, Masters Energy, Techno Oil, Quest Oil, Rahamaniyya, Ibafon Oil, and First Deep Water Limited.

The facility spans 46,000 square meters and boasts a storage capacity of 15 million litres of Jet A1 fuel.

“Its cutting-edge design includes the latest filtration systems, the ability to load four bowsers simultaneously, a jet fuel discharge system with four dedicated trucks, a modern laboratory, and state-of-the-art fire prevention measures. The depot’s advanced operational support facilities position it as the best of its kind in Nigeria.”

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Crude Oil

Brent, WTI Benchmarks Settle Lower as Investors Weigh Supply, Demand

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Oil prices settled lower on Friday with Brent crude oil futures settled down 36 cents, or 0.45%, at $79.04 a barrel, while the US West Texas Intermediate (WTI) crude futures settled down 29 cents, or 0.38%, to $75.56 per barrel.

Investors weighed factors such as possible supply disruptions in the Middle East and Hurricane Milton’s impact on fuel demand in Florida.

For the week, however, both benchmarks rose by more than 1 percent.

Market analysts warned that development over Israel continues to hold over the market even after weeks since Iran’s massive missile attack.

There are talks that if Israel destroys Iran’s oil and gas infrastructure, prices will rise.

Crude benchmarks spiked so far this month after Iran launched more than 180 missiles against Israel on October 1, raising the prospect of retaliation against Iranian oil facilities.

However, Israel has yet to respond.

US President Joe Biden has warned Israel against hitting oil facilities in Iran, one of the world’s biggest producers.

Iran has warned that any attack on its infrastructure would provoke an even stronger response, with analysts warning that it could resort to placing pressure on important transit chokepoints like the Strait of Hormuz.

For years, Iran has threatened to block the strategic Strait of Hormuz, through which around 20% of the world’s oil supply flows.

A major disruption to the flow of oil and gas from the Middle East would affect the Chinese economy, which has faced its own challenges.

China imports an estimated 1.5 million barrels of oil a day from Iran, accounting for 15% of its oil imports from the region.

Weather development in the US weighed on prices as Hurricane Milton blew through Florida, leading to petrol shortages as drivers stocked up ahead of the hurricane.

There are indications that the destruction could go on to dampen fuel consumption in the hurricane’s aftermath.

Florida is the third-largest petrol consumer in the US, but there are no refineries in the state, making it dependent on waterborne imports.

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Energy

FG Says Oil Marketers Can Now Buy Petrol Directly From Dangote Refinery

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Petrol Importation - investorsking.com

The Federal Government has said all petroleum marketers can now negotiate and buy products directly from the Dangote Refinery, Lagos.

A statement by the Ministry of Finance indicated that the decision to allow oil marketers to deal directly with the refinery firm was reached at a meeting of the technical committee headed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The meeting was held in Abuja on Friday.

The leeway given by the Federal Government has ended the arrangement in which the Nigerian National Petroleum Company Limited (NNPCL) was acting as the sole off-taker of the Dangote Refinery products.

Edun said its decision followed the directive of the Federal Executive Council (FEC) and the implementation of the new Naira-based sales mechanism, adding that the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, of which he chaired held its second review meeting on Wednesday, October 10, 2024.

He said the meeting focused on assessing the transition towards a deregulated market structure for Premium Motor Spirit (PMS) and addressing the change in the purchasing model for petroleum product marketers.

Giving key update on New Direct Purchase Model, the minister said the most significant change under the new regime is that petroleum product marketers can now purchase PMS directly from local refineries, saying that this marks a departure from the previous arrangement where the NNPCL served as the sole purchaser and distributor of PMS from the refineries.

According to him, “This direct purchasing mechanism allows marketers to negotiate commercial terms directly with the refineries, fostering a more competitive market environment and enabling a smoother supply chain for petroleum products.

“Local Production of PMS: With the commencement of local PMS production, the market is better equipped to support these direct transactions. This transition is expected to enhance efficiency in product availability and stabilize market conditions for the benefit of all Nigerians.”

Edun stated that the committee recognizes that there are questions and discussions regarding this change in the market structure, adding, “We are committed to providing clarity on this development and will continue to engage with stakeholders to ensure a seamless transition process the Minister informed.”

He described the direct purchase of PMS by petroleum product marketers as a new era of growth and development for Nigeria’s petroleum industry and reassured stakeholders that the Committee will continue to provide clarity and engage with stakeholders to ensure the success of this new regime.”

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