The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contract.
Announcing the results yesterday, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari said the contract will run for one year effective 1st January 2017 for consecutive twelve circles of crude oil allocation.
The list consists of 39 winners with 18 Nigerian Companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms.
All the contracts are for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day.
It could be recalled that during the bid opening in November 2016, Group Managing Director of the Corporation, Dr. Maikanti Kacalla Baru had assured the public that NNPC will ensure due process, transparency and fairness in the selection process.
“We will ensure transparency and fairness in the process. There is nothing that is hidden just as you have seen today”, Dr. Baru stated during the bid opening which was beamed live to the world.
According to a statement by Ndu Ughamadu, NNPC Group Public Affairs Division, a total of two hundred and twenty four (224) bids were submitted by companies seeking to purchase and lift Nigerian crude oil grades for the period 2017/2018.