‘New Lifting Terms Will Abolish Hawking of Crude Oil’

THE management of Nigerian National Petroleum Corporation (NNPC) has explained that  new measures  put in place to select  new off-takers of Nigeria’s crude oil grades will eliminate ‘hawking’.
 The Corporation, which received 278 bids from indigenous and foreign firms seeking to secure contract for the sale and purchase of the country’s 26 crude oil grades, which are on offer, explained that it was taking such measure to sanitise the commercial value of Nigeria’s crude oil.
According to the NNPA, credible candidates would be considered within the framework for selection of new off-takers, who are expected to commence lifting in January 2016.
Meanwhile, the development would be in addition to cutting down the number from 43 to about 16 to create some level of supply stability for the off-takers.
Group General Manager, Crude Oil Marketing Division of the NNPC, Mallam Mele Kyari who spoke at the opening of bids in Abuja, according to This Day explained that with the new measure put in place, such incidences of brief case companies and hawking of Nigerian crude would be cut off.
He said: “As you are aware, we have clear objectives and that is to make sure that our crude oil ends with the ultimate end user. What that does is that it balances our pricing and we don’t have these shocks that we are having and Nigeria does not become a major contributor to the instability in the crude oil market which is happening today.”