223 firms bid to sell natural gas to domestic market

At least 223 local and international investors are bidding for the sales and purchase of over 7,000 metric tons (mt) of natural gas liquids in the domestic and export markets.

This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, in Abuja on Tuesday during the 2019/2021 Natural Gas Liquids bids opening ceremony at the corporation’s headquarters.

Baru who was represented by the corporation’s Chief Operating Officer, Gas and Power, Saidu Mohammed, said:

“In addition to these objectives, it is our intention to sustain transparency in all our processes and select the best off-takers through a robust mix of big international players with strong Nigerian gas sector focus companies to ensure supply reliability and local capacity development.

“Our intention is to also stimulate investments in gas storage, marketing and distribution.”

Read also: Oil prices wax strong amidst middle east tensions, OPEC supply cut

He added that the corporation was also compelling the Nigerian Liquified Natural Gas (NLNG) to supply its products to the local market even as the nation’s refineries were underway with gas and more from the private refineries.

He noted, “A lot of companies submitted bids and they are 223 in number. There is an increase in the number of bidders because we have more local participation this time round . I can’t tell you the volumes they are bidding for right now, but I can assure that they are volumes that are beyond the demand of this nation.

“We are not only focused on lifting and sending it out, but we are also focusing on the maximum value within the nation. In other words, we want to use this transaction to propel the LPG market throughout the nation and grow the market to the level that it deserves.”

Baru assured of a transparent process in selecting the right partners.

“But most importantly, we want to do that transparently to make sure that we get the right partners who would have the calibre we are looking for in terms of investment, capital layout and the marketability to penetrate the nook and crannies of this nation.”

By Babatunde Alao…

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now