Business Hilights

Tracking Nigeria's Headline Business News Online


Baru declares crude oil sales, purchase open, assures on fairness

Ad 2
Ad 3

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru said the process for the bid on the sales and purchase of Nigerian crude oil grades will be fair to all stakeholder and participants. Already, over 244 firms have submitted in bids.

Declaring the process open in Abuja, Baru said the crude oil contract tenders‎ are to ensure transparency, enshrine accountability and conduct business in line with best global practices.

He said “Today’s event marks yet another turning point in our quest to further enshrine transparency and accountability, two critical core values of our Corporation.

“Our focus as a national oil company is to enhance our production volumes, ensure the best value is realised through competitive marketing of our crude grades to international refineries and traders.

“In line with this aspiration, NNPC is collaborating with key stakeholders to improve on the overall security of our production sites and to ensure the safety of our environment.

“Today, we are therefore opening this bid before the entire world in line with President Muhammadu Buhari’s drive for transparency and accountability in the conduct of government business.

“We received 224 bids as at the 12:00 noon‎ deadline today. May the best bids win.”

Earlier, Mele Kyari, Group General Manager, Crude Oil Marketing Division gave account of the sales of the crude, and dismissed reports that only China was buying Nigerian crude.‎

While agreeing that China bought one cargo, he revealed that Europe remained the major buyer followed by Asia.

‎to kick off the process, SOCA oil, Bell point and Northwest were called to the stage to confirm their bids and they all confirmed it was intact.‎

Business Hilights recalls that this year’s number is an increase from the 218 bids the NNPC received in 2015/2016.


Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.