The Nigeria National Petroleum Cooperation
(NNPC), has unveiled names of 39 companies that would lift and trade
Nigeria’s oil for the 2017 crude oil term contract. The list containing 39
companies chosen from 224 applicants which participated in an open bid last
year released on Tuesday night, includes 18 Nigerian companies, the two NNPC
trading companies and other international trading companies.
According to NNPC,
in a statement, “the contract would run for one year,
effective January 1, 2017, for consecutive 12 circles of crude oil
allocation. Listed among the traders are 18 Nigerian companies, 11
international traders, five foreign refiners, three NOCs and two
NNPC trading arms. All the contracts are for 32,000 bpd except for
Duke Oil Ltd, a subsidiary of NNPC, which shall be for 90,000 bpd.”
At the open bid in
November 2016, Dr. Maikanti Baru,
Group Managing Director of NNPC, said the number of bidders for the contract
dropped from 278 that applied for the contract in 2015 due to the new
requirements introduced by the corporation. Baru said at the time that the
process, which prioritised refiners and big crude oil lifters, would be
concluded in February 2017.
He said: “When we sell this crude oil, the money goes straight to the
Central Bank of Nigeria (CBN) account on behalf of the federation. NNPC does not
operate any of those accounts. The best inputs
from the NNPC is confirmation that the money has been paid but we have no
signature rights on this account, contrary to the perception that NNPC is
hoarding some money on behalf of the Nigerian people; all the crude oil we sell
goes to the Nigerian people. There is nothing that is hidden, it is all open
for everybody to see.” (Sun)
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