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Friday , 17 November 2017

Baru/kachikwu feud : New Contracts Guideline out soon

The Nigerian National Petroleum Corporation (NNPC) would invite new tenders from the prospective bidders for the sale and purchase of Nigerian crude oil grades in a matter of weeks, a reliable source within the state-owned oil company has disclosed.

According to the source  the term contract would focus again on refiners, national oil companies, larger international and local oil traders. It would also be open for scrutiny by relevant government agencies and the public to ensure it meets up with the federal government’s reported desire for transparency and accountability in NNPC’s businesses.

In January 2017, the corporation awarded its 2017 to 2018 crude oil sales involving the export of around 1.3 million barrels per day (mbd) to 39 companies.
Within that period, Duke Oil, a subsidiary of the NNPC got 90,000 barrels per day (bd) allocation to lift, while the other 38 companies on the list had a 30,000 (bd) allocation.

However, the NNPC source who preferred not be mentioned stated that bidders for the new term would be grouped into four categories of refineries, government to government arrangements (bilateral relationships), established and globally-recognised large volume crude oil traders, as well as indigenous Nigerian companies engaged in petroleum downstream businesses in the country.

The bidders, the source further explained would be given some good time to make their submissions, hence the decision of the corporation to put out the notice soon.
The source equally stated that applications for considerations may be extended by the NNPC to the second week of January 2018, to ensure that bidders in the one-year term contract are adequately prepared before the final selection is made.

“Prospective bidders must be forthcoming with detailed Nigerian Content execution strategy in line with the requirements of the Nigerian Content Development and Monitoring Board. And, expect strict tender requirements on compliance with the Nigerian Content Act,” said the source who stated that the Group Managing Director of NNPC, Dr. Maikanti Baru, has directed that the tender process must be transparent.

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