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Nigerian NNPC cancels oil swap bidding

by ChemOrbis Editorial Team - content@chemorbis.com
  • 04/11/2015 (13:41)
According to local media sources, Nigerian state oil company NNPC has cancelled bidding for a new crude oil swap agreement. Instead, the company will directly sell crude oil to refiners and purchase refined oil products from them. Via this move, NNPC aims to eliminate the activities of middlemen and enhance transparency.

NNPC had shortlisted 44 companies for the swap agreements for 2016 but said most of them did not directly operate refineries. According to NNPC, obtaining oil products from such companies would mean a significant value loss for the country.
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