FG to Award 80% of Crude Lifting to NNPC

Fuel Price Will Crash In Five Months, FG Predicts
Minister of State for Petroleum, Ibe Kachikwu

The Federal Government has disclosed its plan to allocate 80 percent of crude lifting to Nigerian National Petroleum Corporation, NNPC Trading, an arm of the Corporation which evolved from the merger of its trading companies. NNPC Trading, currently handles 40per cent of the country’s oil lifting. According to the Managing Director, NNPC Trading Limited, Mr. Ibrahim Waya, “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. “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 of oil lifting contracts 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. 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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