Nigeria’s State-owned Firm NNPC Gets 254 Bids For 2018 Oil Contracts

Nigeria’s State-owned Firm NNPC Gets 254 Bids For 2018 Oil Contracts

* Nigerian state oil company NNPC said it had received a total of 254 bids for its 2018 crude oil contracts

* The tender was issued on Nov. 10, and closed on Jan. 9. It is open to refinery or retail outlet owners, the governments of high energy consuming nations, established and globally recognised crude oil traders and indigenous Nigerian downstream oil and gas companies

* The televised closure of the bidding is aimed at improving transparency in Nigeria’s oil industry, which has long been criticized as opaque and graft ridden

* Malam Mele Kyari, head of NNPC crude oil marketing, said that bidders must “fulfill a long list of stringent requirements”, including 2016 minimum annual turnover of $500 million and net worth of $250 million Read More…

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