Crude lifting: Contractors jostle for Letters of Credits

Prospective contractors have intensified race to secure “irrevocable” Letters of Credits (LOCs) from banks as the 2018/2019 crude oil term contracts lifting bids entered critical stage.

A total of 254 indigenous and foreign owned entities had earlier submitted bids for the sale and purchase of the Federal Government equity crude under the term contracts.

Just about 20 of them, based on the previous crude term contracts lifting contracts, would secure the deals.

To streamline these numbers to 20, the Federal Government, New Telegraph gathered, came up with stringent conditions, which had already sent jitters down the spine of many of these bidders. Only 19 won the contract in 2015/2016 term.

New Telegraph, January 15, 2018

 

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