Fidelity bank banner Bayelsa State banner
NNPC approves 6 additional companies to lift crude oil

By News Express on 14/10/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,647


Nigerian National Petroleum Corporation (NNPC) has increased the number of companies awarded the contract to lift Nigeria’s crude oil this year to 27 from 21 originally awarded the contract last year.

According to documents obtained from the NNPC on Thursday, six additional companies have been cleared to lift crude oil. They are Taleveras Petroleum Trading, Masters Energy, Sacoil Energy Equity Resources Limited, Strategic Fuel Fund, Sinopec (UNIPEC) and Hindustan Petroleum Corporation Limited.
The NNPC had in December 2015 announced that the contract for the lifting of its 950,000 barrels per day crude had been awarded to 21, out of the 278 companies that participated in the bidding process. The contract was to run from January 2016 to December 2016.
However, in the document from its Crude Oil Marketing Division (COMD) released on its website Thursday, the NNPC increased the number of companies to 27 without explanations as to why the number was expanded and without stating the criteria used in selecting the six companies among the 257 companies that were not successful in the bid process.
Also, the inclusion of the six companies becomes questionable, in view of Nigeria’s dwindling crude oil output, in the face of the crisis in the Niger Delta.
Prior to announcement in December, the NNPC had disclosed that only 16 companies would be awarded the contract, but it ended up awarding it to 21 companies, also without any explanation as to why the participants were increased.
Efforts to get clarification from Garba-Deen Muhammed, the NNPC spokesman, proved abortive as he failed to respond to several messages sent to him on the issue.
In the announcement last December, the NNPC stated that 240,000 barrels per day of crude oil, representing 24 percent of the total volume on offer, was awarded to four refiners classified as major receivers of Nigerian crude with capacity to process all of Nigerian crude oil grades. Each the refiners were to receive 60,000 barrels of crude oil per day.
The off-takers in this category, the NNPC said, include: Emirates National Oil Coy, ENOC, Indian Oil Corporation, CEPSA Refinery Madrid and Sara SPA Refinery.
Also, three international trading companies, Trafigura PT Limited, Mercuria Energy Trading SA and Vitol SA were awarded the contract for the lifting of 32,000 barrels of crude per day each, representing 10 per cent of the total volume on offer.
According to the NNPC, the award was based on their pedigree as large scale buyers of Nigerian crude with structure for short term freight intervention and storage.
In addition, trading Affiliates of International Oil Companies, comprising ENI Trading and Shipping SPA, TOTSA Total Oil Trading SA, Exxon Sale and Supply LLC and Shell Western Supply and Trading also received term allocation of 32,000 barrels per day each, totalling 128,000 bpd and representing about 13 per cent of the total volume of crude oil on offer.
Furthermore, Nigerian downstream operators with wide experience in crude trading and large asset base accounted for 405,000 bpd, representing about 41 per cent of the total crude volume on offer.
In this category, Emo Oil & Petrochemical Company/China Zhenhea, an NNPC long-term trader, was allocated 45,000 bpd.”
Others include Northwest Petroleum and Gas, 45,000 bpd; Forte Oil, 45,000 bpd; Oando Plc, 60,000 bpd; Sahara Energy Resources, 60,000 bpd; A. A. Rano Nigeria, 45,000 bpd; Eterna Oil, 45,000 bpd; and MRS Oil & Gas Company, 60,000 bpd.
NNPC Trading Companies Calson/Hyson, 32,000 bpd; and Duke Oil Incorporated, 90,000 bpd, account for a combined off-take of 122,000 bpd or about 12 per cent of the total volume on offer.
No mention was made of Taleveras Petroleum Trading, Masters Energy, Sacoil Energy Equity Resources Limited, Strategic Fuel Fund, Sinopec (UNIPEC) and Hindustan Petroleum Corporation Limited.
•Sourced from Business Day (Nigeria).

Source News Express

Posted 14/10/2016 11:52:12 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Herbalist, 5 Badoo cult members arraigned for allegedly...

Concerned Nigerians drag Buhari to court, want NIA’s...

Drama in Ogun: Gov. Amosun, deputy emerge 2015...

Change Movement translates Nigerian Constitution into Igbo Language...

2,000 policemen mobilised to keep peace as work...

Gov. T.A ORJI and the BULLET THAT KILLED...

BREAKING: Buhari cancels Federal Executive Council meeting •To...

APC’ll not rig Oyo council polls: Ajimobi

Police arrest 62-year-old for stealing N130,000

RIGHTSView: Legitimacy and necessity of self-defence

Ibeto group, Chinese coy to establish 2 cement...

Saraki: Repositioning Nigerian economy a major priority for...

 

Latest News Army begins search for missing General in Plateau Atiku names Iwuanyanwu, 58 others into PDP ‘nomination council’ Buhari lacks vision, capacity to develop Nigeria — Saraki •We must move away from bigotry, says Dickson 2019: PDP accuses APC of stockpiling arms in Bayelsa Rights group condemns military invasion of Plateau community Abuja tremor: FG predicts further quakes N3.2bn Fraud: More trouble for Orji Kalu Osun Election: Court restrains police from arresting Adeleke Nigeria Air: PDP demands Minister’s arrest FG, security agencies should free Leah Sharibu, others now — CAN president Osinbajo, Okowa inspect flood ravaged communities •VP lauds Governor for taking proactive steps to check effects of flood Dogara: APC treated us as strangers, failed to keep promises

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (394,984 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,991 views) Shameless Genevieve Nnaji exposes breasts in public (307,568 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,050 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,584 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,314 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,498 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,109 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,215 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,082 views) Lagos plane crash: Journalist releases victims’ names (157,788 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,612 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,612) Business Verdict (52) Columnists (931) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,414) Interview (164) Live Commentary (28) Love Matters (143) News (39,012) Opinion (1,106) Pidgin (11) Politics (6,659) Religion (868) Sports (1,697) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement