- NNPC Lacks Oil Trading Skills
The Group Managing of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Wednesday said the firm lacked international oil trading skills.
According to him, several attempts made by the national oil firm’s management in the past to have a stronghold on oil trading have not yielded the expected dividend.
This, he said, was because the corporation relied on the so-called big trading companies to transfer skills to its employees during routine secondments.
To address this, Baru charged oil traders working with the corporation to sharpen their skills for the challenges ahead as the national oil company would seek to activate its vision of becoming a dominant player in the trading of petroleum products and crude oil in the international market.
A statement from the firm said the GMD gave the charge while receiving participants billed to depart for onsite customised oil traders’ training organised by Oxford Princeton, London for select NNPC members of staff.
Baru said, “It is our aspiration that this crop of trainees will eventually realise our dream. Trading on the major international platforms like the London Mercantile Exchange, the New York NYMEX, and of course, Singapore requires in-depth understanding.
“It also requires total loyalty and commitment to your entity, as in the oil and gas industry, the margins are small so the volume definitely matters. We rely on you to make things happen.”
The corporation stated that trainees would be taken through the general introduction to trading on physical crude with focus on the steps involved in negotiating crude oil transactions.