No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, disclosed this at the 2020/2021 Crude oil tender prequalification bid opening ceremony, on Thursday in Abuja.
He said the event marked another transparent process for the corporation.
Kyari said in spite the challenges posed by COVID-19, the Corporation has modified the bidding process by leveraging on technology to progress the cycle of crude oil bidding.
According to him, there will be strict compliance with all the extant regulations and reinforcement of commitment by the Corporation to transparency and accountability.
“We have continued to see a strong demand for different grades of Nigerian crude in the oil market despite the lockdowns and refinery run cuts.
“We are also witnessing demand for Nigerian crude switch from traditional destinations such as India and finding home in new markets such as china,” he said.
Represented by the Corporation’s Chief Financial Officer Umar Ajiya, the NNPC boss said the 2020/21 crude oil bidding had many objectives, which include to engage reputable, qualified and high capacity international and indigenous companies.
He said that companies would guarantee market placement of the Nigerian crude oil at optimum value during the next contracting cycle.
He noted that other objectives is to ensure that selection of off-takers is aligned with tested transparent and accountable procedures in compliance with the Public Procurement and Nigerian Content Acts.
The GMD further noted that apart from the objectives, the corporation would sustain transparency in all process and establish the best partners through robust mix of big international players.
He assured of support for indigenous companies capacity development in the process.
“Ultimately, crude oil is a major revenue earner in Nigeria, therefore, the credibility of this process is very important to us all.
In his remarks, the Chief Operating Officer Upstream, Mr. Adokiye Tombomieye, said the corporation has taken steps to ensure the process of producing the best bidder emerged while adhering to COVID-19 principles.
– NAN