Crude Oil Opening Bid: NNPC Wants Only Competent Companies

As at midday on Tuesday, October 27, the NNPC had received
tenders from 278 companies bidding for the sale and purchase of only 26
crude oil grades in Nigeria.

About 45 minutes after the submission of tenders was closed, the
opening of the bid commenced, a process which the Group Managing
Director of the corporation, Dr Ibe Kachikwu, said he looked forward to
its conclusion and the selection of the most competent companies to
allow him focus on other urgent matters.
The NNPC GMD said that
only credible and competent companies capable of taking Nigeria’s crude
to the appropriate market without hawking the crude or engaging in sharp
practices would henceforth be shortlisted for the sale and purchase of
crude oil grades.
Dr Kachikwu said that the practice in the crude
allocation business this time would be a far departure from previous
years as accountability and transparency would be enforced.

He told representatives of 278 companies bidding for crude oil grades
that the corporation needs money back from 20 cargoes of crude oil
which were still hanging and must be sold within one week, after a
successful bidding process.
Total sale of crude oil in Nigeria is
said to be between 35 to 40 billion dollars annually and Mele kyari of
the Crude Oil Marketing Division of the NNPC said that this was low
compared with other oil producing countries.
To set things right he said credible companies who will get to the end users in time must be brought on board.
The NNPC management sounded notes of warning to the bidding companies
that no preferential treatment would be given in the selection process
and no payment need be made to a third party or NNPC staff for the
selection as only credible and competent companies would be selected.

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