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The Nigerian National Petroleum Corporation, NNPC, on Thursday announcedthe award of new contracts to 21 crude oil off-takers, almost four months afterPresident Muhammadu Buhari revoked the licenses from previous holders.
Indigenous Nigerian firms were awarded contracts to lift 41 per cent of totalcrude allocation, while major trading firms would control 47 per cent of thecrude oil allocation. NNPC trading affiliates were awarded 12 per cent of thetotal allocation.
Shortly on assumption of office, President Buhari had ordered the immediatecancellation of all offshore crude oil processing agreements and crude oil swapdeals for refined petroleum products between the NNPC and various oiltraders around the world.
The deals, initiated by the Goodluck Jonathan administration, were to supplycrude petroleum products for refining outside the country to cushion thenegative impact of continued reliance on importation of fuel for domesticconsumption.
The cancellation was to enable the government review and re-evaluate thecontracts to help restructure the terms to be more favourable to Nigerians.
Crude oil swap for refined petroleum products took a controversial twist aftersome Nigerians, and some regulatory agencies, like the Nigerian ExtractiveIndustries Transparency Initiative (NEITI), criticised the deals as lackingtransparency and accountability.
The Ahmed Joda Presidential Transition Committee had also recommendedthe revocation of the contracts in its report to the new government.
Consequently, the government had invited fresh bids from prospective off-takers for the country’s 26crude oil grades on offer.
At the expiration of the deadline for the submission of application by prospective bidders, about 278bids were received from various indigenous and foreign firms seeking to secure the new contracts.
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NNPC awards new crude oil lifting contracts to 21 firmsDecember 18, 2015 Bassey Udo
Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu
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In October, following the bids opening exercise held in Abuja, 21 firms were announced winners of thecontract as new off-takers.
A review of the new crude oil contract terms showed that 24 per cent of the total volume of 991,661barrels per day of the Nigerian equity crude on offer, or about 240,000 bpd, was awarded to fourrefining firms classified as current major receivers with capacity to process all Nigerian crude grades.
Each of the off-takers awarded contracts to take 60,000 barrels per day of crude oil include EmiratesNational Oil Company (ENOC), Indian Oil Corporation, CEPSA Refinery Madrid and Sara SPARefinery.
Three of the notable International trading companies, namely Trafigura PT Ltd, Mercuria EnergyTrading SA and Vitol SA won the contract to lift 32,000 bpd of crude based on their capacities aslarge-scale buyers of Nigerian crude with structure for short term freight intervention and storage.
The off-takers in this category represent about 10 per cent of total crude volume on offer.
Trading affiliates of international oil companies consisting of ENI Trading and Shipping SPA, Total OilTrading SA (TOTSA), Exxon Sale and Supply LLC and Shell Western Supply and Trading also receivedterm allocation of 32,000 bpd each, totaling 128,000 bpd, representing about 13 per cent of totalvolume of crude oil on offer.
Under the new arrangement, indigenous Nigerian downstream players with considerable experiencein crude oil trading and large asset base were allocated about 405,000 bpd, representing about 41 percent of total crude volume on offer.
They include Emo Oil & Petrochemical Company/China Zhenhea, an NNPC long term trader (45,000bpd); Northwest Petroleum and Gas Limited (45,000 bpd); Forte Oil (45,000 bpd); Oando PLC(60,000 bpd); Sahara Energy Resource Limited (60,000 bpd); A.A. Rano Nigeria Limited (45,000bpd); Eterna Oil (45,000 bpd) and MRS Oil &Gas Company Limited (60,000 bpd).
NNPC Trading Companies, Carlson/Hyson was allocated contract to lift 32,000 bpd, while Duke OilIncorporated, the NNPC affiliate was awarded contract for 90,000 bpd, accounting for combined off-take of 122,000 bpd, or about 12 per cent of total volume on offer.
The minister of State for Petroleum Resources, Ibe Kachikwu, said in Abuja on Thursday that apartfrom ensuring transparency, the companies were chosen based on their track records and tradingexperience to ensure that Nigerian crude oil cargoes were not left unsold.
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• Reply •
Zug • 5 months ago
Ibe your brother Dumebi and his sticky fingers would be your undoing .Your list is littered with the usual Aso rock hangeron's and Subsidy racket benifactors.What a sham..........What is Saayu Dantata the kerosene rackateer,criminal....crudethief and all round false accounting expert doing on this list,,what crude lifting cappabilities does AA Rano,Zenon orNorthwestern have...Wouldnt blame the oldman at the top,he doesnt know any better but you and the i to must chopbrigade around him are clearly eager to steal their own share as well.
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• Reply •
MushinSpeaks • 5 months ago
This is a good step to identifying real marketers than paying money to some unregistered oil marketers milking thetreasury deep.
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• Reply •
Analyst • 5 months ago
Which of the company is Buhari's? △ ▽
• Reply •
Artful ºDodger • 5 months ago
At least Nigerians now know who is taking what and how much to expect from the sale of their crude oil unlike in the pastwhen no one knows what was what. The selected refineries will deliver, they have experience in the trade and that is whatcounts. Since Nigeria now have a government run on patriotism things will soon change for the better.God bless PMB!
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• Reply •
share Idea • 5 months ago> Artful ºDodger
Just like Nigerians are buying fuel at appoved price from filling station as it used to be under GEJ's administration △ ▽
• Reply •
Very Proud Oily IZON Redeemer • 5 months ago
The same old stuff--the redistribtution of oil contracts to the tripod--The Fulanis-- Yorubas and their Ibo surrogates-------------------Yet they refuse to tell us Mrs. Madueke left more than 5.6b in the coffers of NNPC--so why take additional loanof 2.6 when we had such in our accounts of NNPC----Buhari is taking advantage of the gullibility of 9ja to lies to them-
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• Reply •
Artful ºDodger • 5 months ago> Very Proud Oily IZON Redeemer
Take your medicine dude. 1△ ▽
• Reply •
Baba B • 5 months ago> Artful ºDodger
His medicine supplier was among the sea pirates killed last week in ther creeks so his case is closed. He'lldie a mad man
1△ ▽
• Reply •
wonderboi • 5 months ago> Artful ºDodger
Lol 1△ ▽
• Reply •
Peter_Edo • 5 months ago
hmmmm i see sahara energy there... tunde ayeni and captain hosa... guess they are back in good books △ ▽
• Reply •
DD • 5 months ago> Peter_Edo
It's a trap. △ ▽
• Reply •
favourtalk • 5 months ago
We can now be rest assured that nigeria is now been runned by an experienced man and cabinet who will make sure thatour wealth are not been stolen again. Nigeria will be great again under PMB
5△ ▽
• Reply •
Burning spear • 5 months ago> favourtalk
when are u leaving for biafra △ ▽
• Reply •
Peter_Edo • 5 months ago> favourtalk
Amen! △ ▽
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