The News Agency of Nigeria recalls that NNPC had conducted public
opening of bids submitted by 278 national and international companies
competing to secure Nigerian crude oil grades
The Nigerian National Corporation says it has 26 crude oil grades
to offer for sale to companies that would eventually win the bidding
contracts for the sale of Nigeria oil grades.
The corporation gave this indication in a statement issued in Abuja on Wednesday, signed by its Group General Manager, Group Public Affairs Division, Ohi Alegbe
The News Agency of Nigeria recalls that NNPC had conducted public
opening of bids submitted by 278 national and international companies
competing to secure Nigerian crude oil grades.
The public bid process, which was conducted By NNPC officials, was
witnessed by representatives of the bidding companies as well as
officials of the Bureau of Public Procurement and the Department of
Petroleum Resources.
Others are Nigerian Extractive Industry Transparency Initiative,
Nigerian Content Development and Monitoring Board, as well as members of
the civil society attending as independent assessors.
The contract for the engagement of qualified and reputable
companies for the sale and purchase of Nigerian Crude Oil grades is in
pursuance of the provisions of the Public Procurement Act 2007 and the
BPP guidelines.
The statement quoted the Group Managing Director of the NNPC, Dr.
Ibe Kachikwu, as saying the essence of the public opening of the bid was
to consolidate on the new promise of transparency and efficiency in
line with President Mohammadu Buhari’s agenda for the oil and gas
industry.
Kachikwu said: “The essence is to ensure that nobody needs to call
me personally as Ibe Kachikwu for him to get crude allocation.
“So you can imagine the burden it takes off my shoulders.
“It means a good amount of my time will now go into other relevant areas of operation where the country needs me most.”
According to the statement, the 26 grades Nigerian crude oil on
offer include Bonny Light, Forcados Blend, EA Blend, Bonga, Qua Iboe
Light, Yoho Blend, Erha and Escravos Light.
Others are Pennington Light, Agbami, Brass Blend, Abo, Oyo, Okono Blend, Amenam Blend, Akpo Condensate and Usan.
The rest include Atam Blend, Okwori, Okoro, Ima, Ukpokiti, Obe, Okwuibome, Ebok and Asaratoru.
The statement said part of the requirements for interested
companies included the possession of a minimum annual turnover of $750
million and net worth of at least $300 million in asset.
It said the companies were to also establish an irrevocable letter
of credit for the payment of any allocated crude oil, subject to the
contract terms.
It also gave as a condition that the companies must possess the
ability to pay an initial deposit of $2.5 million, representing the
first lifting deposit, upon signing of the contract agreement, among
other requirements.
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