NAIJA AND GLOBAL NEWS

FG Plan to Allocate 80% Crude Lifting to NNPC

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The Federal Government has revealed its plan to allocate 80 percent of crude lifting to Nigerian National Petroleum Corporation (NNPC) Trading.

NNPC Trading, an arm of the corporation which evolved from the merger of its trading companies, currently handles 40 percent of the country’s oil lifting.

NNPC Trading Limited Managing Director, Ibrahim Waya said; “In January 2017, the federal government awarded one-year crude lifting contracts, covering about 1.31 million barrels per day, to 39 companies, 18 of them Nigerian, 11 international trading houses, five foreign refineries, three national oil companies and two NNPC trading arms.

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“All the contracts are for 32,000 barrels per day except Duke Oil Ltd, an arm of the NNPC, which trades 90,000 barrels per day.”

He noted that some of the local beneficiaries, whose share oil lifting contracts that will be affected, are Oando Trading, Sahara, MRS Oil and Gas, A.A. Rano, Bono, Masters Energy, Eterna Oil and Gas, Cassiva Energy, Hyde Energy, Brittania-U, Northwest Petroleum and Shoreline Limited.

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Some of the international oil traders are Trafigura, ENOC Trading, BP Trading, Total Trading, Heritage Oil and Glencore.

Others, he said, are India Oil Company, Sinopec of China and Saccoil of South Africa fall under the government-to-government category.




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