Agency report

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No fewer than 224 bids have been received by the Nigerian National Petroleum Corporation (NNPC), for sales and purchase of crude oil grades.

The corporation’s Group Managing Director Maikanti Baru disclosed this Thursday in Abuja, when he declared the process open. ‎

Maikanti noted that the crude oil contract tenders are to ensure transparency, enshrine accountability  and conduct business in line with best global practices.

“Today, we are therefore opening this bid before the entire world in line with President Muhammadu Buhari’s drive for transparency and accountability in the conduct of government business.

“We received 224 bids as at the 12:00 noon‎ deadline today. May the best bids win.

“Our focus as a national oil company is to enhance our production volumes, ensure the best value is realised through competitive marketing of our crude grades to international refineries and traders.

NNPC partnering with stakeholders

“In line with this aspiration, NNPC is collaborating with key stakeholders to improve on the overall security of our production sites and to ensure the safety of our environment.

‎‎Earlier, Mele Kyari, Group General Manager, Crude Oil Marketing Division, while giving account of the sales of the crude, dismissed reports that only China was buying Nigerian crude.‎

He said China bought  one cargo but Europe remained the major buyer followed by Asia.

Supply still exceeds demand

‎On global oil prices, he explained that the major challenge was that supply continued to exceed demand.

This, he said, would continue to affect the oil price in a couple of years to come.

SOCA oil, Bell point and Northwest were called to the stage to confirm their bids and they all confirmed it was intact.‎

This year’s number is an increase from the 218 bids the NNPC received in 2015/2016.