Major Changes In NNPC As They Cancel Agreement With 3 Major Oil Players

Major Changes In NNPC As They Cancel Agreement With 3 Major Oil Players

14:35

Major changes are going on in the Nigerian National Petroleum Corporation, NNPC, with the recent cancellation of contract for the delivery of crude oil to the nation’s refineries in Warri, Port Harcourt and Kaduna.

According to reports from This Day newspaper, the Group General Manager, Group Public Affairs Division, Ohi Alegbe, made this known in a statement explaining that the current contract was cancelled due to exorbitant cost and inappropriate process of engagement.

He made it known that these measures were aimed at cost reduction and strengthening of operational efficiency across its value chain. The Corporation also announced the termination of the Offshore Processing Agreements, OPA, entered into in January, 2015 with three companies; Duke Oil Company Inc., Aiteo Energy Resources Limited and Sahara Energy Resources (Nig) Ltd.

However, this might be because NNPC supposedly observed that the structure of the agreement does not guarantee unimpeded supply of petroleum products as delivery terms were not optimal. They are also in the process of establishing alternative agreements and have called Oando, Sahara Energy, Calson, MRS, Duke Oil, BP/Nigermed and Total Trading to bid for the new Offshore Processing Agreement 

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