339 Foreign, Local Firms Bid to Sell Nigeria’s Crude Oil Grades

At least 339 crude oil trading companies applied for the sale and purchase of Nigerian crude oil grades contracts spanning 2020 to 2022 by the close of the bidding process at noon yesterday.

Last month, the Nigerian National Petroleum Corporation (NNPC), invited “interested and credible companies” to participate in the open tender.

It described credible companies as those who are either bona fide end users who own a refinery and/or retail outlet or possesses a refinery that can process Nigerian crude oil grades.

Other categories include government-to-government arrangement with high energy consuming countries, internationally established and globally recognised large volume crude oil traders as well as indigenous Nigerian companies engaged in Nigerian oil and gas downstream business activities.

Declaring the bid process closed during the event which was partly virtual and partly physical, the NNPC team led by its Chief Operating Officer, Upstream, Mr. Adokiye Tombomieye , said the transparency and credibility of the process was of paramount importance.

The corporation stated that it will ensure that the best will emerge in the entire process, stating that it will adhere with the public procurement act and other relevant laws in coming up with the final winners.

“We guarantee all applicants that the evaluation process shall meet all due processes and all requirements and we are looking forward to the best emerging to lift Nigerian crude oil amid the current economic realities. We assure you of transparency in this process,” the corporation stated.