We Received 224 Bids for Nigerian Crude Oil Grades – NNPC

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • We Received 224 Bids for Nigerian Crude Oil Grades

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr Maikanti Baru, said the bid for the sales and purchase of Nigerian crude oil grades will be transparent.

Baru said this in Abuja on Thursday when he declared the process open. ‎

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

He said, “Today’s event marks yet another turning point in our quest to further enshrine transparency and accountability, two critical core values of our Corporation.

“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.

“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.

“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.”

Earlier, Mr 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.

‎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.

(NAN)

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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