NIDAS, NNPC Subsidiary, Resumes Shipping

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • NIDAS, NNPC Subsidiary, Resumes Shipping

NIDAS Shipping Services, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has resumed international shipment of crude oil and petroleum products.

The NNPC disclosed this in a statement signed by Mr. Ndu Ughamadu, the Group General Manager, in Abuja on Tuesday.

According to the statement, the global tanker fixture’s report had acknowledged the chartering of LRI tanker, MV Atlantica Bridge by NIDAS to load jet fuel from El Dekheila Port in Egypt for delivery to Nigeria for Duke oil.

The same report also captured NIDAS booking of tanker Res Cogitans to load Mercuria’s gasoline cargo for early-November loading from Europe’s Amsterdam-Rotterdam-Antwerp (ARA) region to Offshore Lagos.

Ughamadu noted that NIDAS would optimise right of first refusal offer in the NNPC annual crude oil term and Direct-Sale-Direct Purchase, DSDP, agreements with off-takers.

“Under the terms of the deal, the off-takers are obligated to offer the NNPC shipping subsidiary the right of first refusal in freighting of cargoes.”

“The re-entry of NIDAS into the international shipment of crude oil and petroleum products was seven years after falling out of reckoning in the global oil freight trade.”

“ NIDAS’s re-entry was in tandem with the ongoing strategic re-engineering of some NNPC subsidiaries to ensure multiple income streams and value addition to the corporation in line with the aspiration of the corporation’s Group Managing Director, Mr. Maikanti Baru,’’ he said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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