NNPC Slashes Crude Oil Buyers From 43 To 16

                            
The Nigerian National Petroleum Corporation said on Thursday 27th August that it has reduced the Numbers of crude oil buyers from 43 to 16 for the proposed 2015/2016 termed contract with the aim of Optimizing the marketing of the Nation's Crude oil and securing new market potentials.


The corporation, in a statement signed by its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, said, “In a novel move to instill transparency and probity in the award of the annual crude oil term contract, the NNPC has mapped out measures to execute the 2015/2016 award of contract to companies for the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements.”

It said, “In the days ahead, we shall place advertisement for the 2015/2016 term contracts and the publication will run for one month in major national and international print media to ensure effective message penetration. Later, the guidelines for the selection of new off-takers would be published and subsequently a special bid evaluation committee would be constituted to conduct due diligence on successful applicants.”
The corporation clarifies that those earlier listed satisfies the management with their performance and it is also extending invitation for competitive bidding to other firms including Forte and Mobile

“We are throwing the tender process open for competitive bidding by strong industry players with track records of integrity and financial strength to execute the project.” it said

Nigeria  sells its oil through annual term contracts awarded by the NNPC to a list of companies, both local and international and the firms are then eligible to buy crude throughout the year.