NNPC Names 18 Nigerian Coys, 21 Others Winners Of 2017/2018 Crude Term Contract
The Nigerian National Petroleum Corporation (NNPC) yesterday released 39 winners with 18 Nigerian companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms as the successful bidders of its 2007/2018 crude oil term contract, effective January 1, 2017.
The corporation stated that it was in furtherance of its drive to remain an open, transparent and accountable organisation.
Explaining further yesterday, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari stated the contract would run for one year effective 1st January 2017 for consecutive twelve circles of crude oil allocation.
He said that the list consists of 39 winners with 18 Nigerian Companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms.
According to him, “All the contracts are for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day.”
Recalled that during the bid opening in November 2016, Group Managing Director of the Corporation, Dr. Maikanti Kacalla Baru had assured the public that NNPC will ensure due process, transparency and fairness in the selection process.
Speaking during the bid opening which was beamed live to the world, Baru had said, “We will ensure transparency and fairness in the process. There is nothing that is hidden just as you have seen today.”
A total of 224 bids were submitted by companies seeking to purchase and lift Nigerian crude oil grades for the period 2017/2018.