The Nigerian National Petroleum Corporation on Thursday said it had reduced the number of crude oil off-takers for the proposed 2015/2016 term contract from 43 to 16.

It said the move was part of measures to optimise the marketing of the nation’s crude oil and secure new market potential.

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 NNPC also clarified that apart from the earlier listed industry operators whose performance trajectory impressed the management of the corporation to invite them to bid for the proposed Offshore Processing Agreements, “the corporation is extending the invitation for competitive bidding to Forte Oil and Mobil, among others.”

It said, “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.”

The nation 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.

The list of the 2014-2015 crude oil term contracts, which was released in April last year and expanded in June, showed 28 Nigerian firms among the 43 winners.

Source: http://www.punchng.com/news/nnpc-slashes-crude-buyers-from-43-to-16/

cc: lalasticlala

Free billion dollars don stop. Wailers keep wailing that nothing is happening, while PMB is forging ahead with his sanitation mission. Sai Buhari! Sai Baba!

Good. Buhari body language at work.

The next thing we will start experiencing is shortage of supply.. I said it FIRST

Ha! God bless the new NNPC Boss

Good for them...

Hmmmm.Whatever the permutations and schemes our concern is to fuel at an affordable and accessible price!!!

Now this is action.........

Buhari at work again... Less than hundred days in office


I hope they have put modalities in place to checkmate scarcity

Sanity is returning,Change is good.
Buhari's appointment of Kachikwu seems so on point.
Haters and wailers and enemies of Nigeria can always relocate to Somalia.

Wow!! Big blow for oil wailers

Good development

Make I mark register.

Corrct

Just slash all the slashables

President Muhammadu Chukwumerije Afolabi Buhari.. a.k.a Baba Slow & Steady..




Another Masterstroke from our Head Nigga in Charge.





Wailers:: Wail Now..

Willhenry123:
This is actually not a good move.

Tell them but they won't listen.

[font=Lucida Sans Unicode][/font] Adonblivit

konkonbilo:
Make I mark register.

Class register or nairaland register

Good Move. long live PMB

na wa oo

Good news or bad news? Lemme learn..

Igbos won't like this ... sorry wailers


wailers are Igbos so

All Igbos are wailers

Holyfield1:
Free billion dollars don stop. Wailers keep wailing that nothing is happening, while PMB is forging ahead with his sanitation mission. Sai Buhari! Sai Baba!

I won't call you mumu don't worry




If only you know the FULL implications

No post matters to me any longer.
Be it good or bad news, all I perceive is marginalization.
ASSHOLES

Its a bad move, he is fighting some targeted people.

Hope this will not affect distribution?

SeverusSnape:
Good.

Ah! Are you Ok?

I just came to see wailers wailing

Ride on

Free billion dollars don stop. Wailers keep wailing that nothing is happening, while PMB is forging ahead with his sanitisation mission. Sai Buhari! Sai Baba!

And PA BUHARI is yet to appoint petroleum minister.... Who monitors the whole thing.....or is the NNPC boss good enough to handle this slash....




Please don't wail....