NNPC Announces Oando, 38 Other Bidders For 2017/2018 Crude Oil Contract

Posted by African Examiner Business News, Energy, Featured, Latest Headlines Thursday, January 5th, 2017

By Ganiyu Nasirudeen

ABUJA, NIGERIA (AFRICAN EXAMINER) – The Nigerian National Petroleum Corporation (NNPC) has announced the list of 39 successful bidders for the 2017/2018 crude oil term contract.

The Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari announced that the contract would run for one year effective from 1st January 2017 for consecutive 12 circles of crude oil allocation.

The 39 winners according to NNPC Group General Manager, Public Affairs Division Ndu Ughamadu include: 18 Nigerian Companies including Oando Plc, 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’’ Ughamadu clarified.

NNPC recalled that during the bid opening in November 2016, the Group Managing Director of the Corporation, Dr. Maikanti Kacalla Baru assured the public that the Corporation would ensure ‘’due process, transparency and fairness’’ in the selection process.

A total of 224 bids were submitted by companies seeking to purchase and lift Nigerian crude oil grades for the period 2017/2018.