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Nigerian NNPC Awards Crude for Product Swap Deals to 15 Firms

Gasoil News - Published on Wed, 21 Aug 2019

Image Source: ET
Reuters, citing Nigerian state oil company NNPC, reported that 15 companies had won the right to swap the nation's crude oil for fuels following a tender for the deals. About 132 companies bid for the deals. The tender for the one-year contracts effective October 1st, dubbed direct sale, direct-purchase, was issued in March. Nigeria is almost entirely reliant on imported fuel because of years of neglect at its own refineries. It has leaned heavily on the swap arrangements to get fuel, particularly gasoline, as other would-be importers struggle to make money due to price caps.

NNPC said that the companies that won the bids were made up of consortia of 15 companies including Vitol, Trafigura , oil major BP and local downstream companies.

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Posted By : Sanju Moirangthem on Wed, 21 Aug 2019
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