Master Energy, 38 others listed by NNPC to lift and trade oil in 2017

Chidi Samuel

The Nigeria National Petroleum Cooperation (NNPC) on Tuesday released the names of 39 companies qualified to lift and trade Nigeria’s oil for the 2017 crude oil term contract.

The 39 companies where chosen from 224 companies who participated in an open bid.

The list, shortlisted from the 224 companies who participated in the open bid process includes,18 Nigerian companies, two NNPC trading companies and some international companies.

According to a statement from NNPC, “The contract will run for one year, effective 1st January 2017 for consecutive twelve circles of crude oil allocation.”

“The list involves 18 Nigerian Companies, 11 International Traders, 5 foreign refineries, 3 NOCs and 2 NNPC trading arms. All the contracts are for 32,000 bpd except Duke Oil Ltd, a subsidiary of NNPC, which shall be for 90,000 bpd.”

See also  Senate, Reps hurriedly passes ₦70,000 minimum wage bill

“When we sell this crude oil, the money goes straight to the Central Bank of Nigeria (CBN) account on behalf of the federation. NNPC does not operate any of those accounts,” he had said, projecting transparency.

“The best inputs from the NNPC is confirmation that the money has been paid but we have no signature rights on this account, contrary to the perception that NNPC is hoarding some money on behalf of the Nigerian people, all the crude oil that we sell goes to the Nigerian people. There is nothing that is hidden, it is all open for everybody to see,” the statement concluded.

NNPC term contract                             ..The Thirty Nine qualified companies approved by NNPC