NNPC Picks Oando, Sahara Energy, Others to Lift 1.3 Million Crude

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • NNPC Picks Oando, Sahara Energy, Others to Lift 1.3 Million Crude

The Nigerian National Petroleum Corporation (NNPC) has selected Oando, Sahara Energy, Masters Energy and 36 other local and international oil firms for the purchase and lifting of Nigeria’s 1.3 million barrels per day crude oil in 2017/2018.

At the Brent price of $55.47 per barrel, which it traded yesterday, Nigeria is expected to rake in about $72 million daily from this new contract.

NNPC stated yesterday that the successful bidders consist of 39 winners with 18 Nigerian companies, 11 international traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms.

Hindustan Refinery, Varo Energy, Sonara Refinery, Bharat Petroleum and Cepsa were the international refineries, which made the NNPC crude oil export list.

The corporation also entered into agreement with India Oil Company, Sinopec of China and Saccoil of South Africa.

All the contracts are for 32,000 barrels per day except Duke Oil Limited, an oil-trading arm of the NNPC, which shall be for 90,000 barrels per day.

Announcing the results yesterday, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mele Kyari, said the contract would run for one year, effective from January 1, 2017 for consecutive 12 circles of crude oil allocation.

Meanwhile, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has blamed foreign exchange scarcity for the current high price of domestic gas.

It’s Executive Secretary, Bassey Essien, told the News Agency of Nigeria (NAN) yesterday in Lagos that the current high price was arbitrary.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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