Nigeria In One Minute

Guidelines for New Oil Lifting Term Contracts Out Soon

The Nigerian National Petroleum Corporation (NNPC) would invite new tenders from the prospective bidders for the sale and purchase of Nigerian crude oil grades in a matter of weeks, a reliable source within the state-owned oil company has disclosed.

According to the source who spoke to THISDAY on Thurday in Abuja, the term contract would focus again on refiners, national oil companies, and larger international and local oil traders. It would also be open for scrutiny by relevant government agencies and the public to ensure it meets up with the federal governments reported desire for transparency and accountability in NNPC’s businesses.

In January 2017, the corporation awarded its 2017 to 2018 crude oil sales involving the export of around 1.3 million barrels per day (mbd) to 39 companies.

Within that period, Duke Oil, a subsidiary of the NNPC got 90,000 barrels per day (bd) allocation to lift, while the other 38 companies on the list had a 30,000 (bd) allocation.

However, the NNPC source who preferred not be mentioned stated that bidders for the new term would be grouped into four categories of refineries, government to government arrangements (bilateral relationships), established and globally-recognised large volume crude oil traders, as well as indigenous Nigerian companies engaged in petroleum downstream businesses in the country.

THISDAY, November 10, 2017

 

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!