BREAKING NEWS, Oil & Gas
The Nigerian National Petroleum Corporation strikes an offshore agreement with three joint venture partners for a steady supply of fuel in the country for three months
DETERMINED to sustain the prevailing unimpeded nationwide supply and distribution of petroleum products, the Nigerian National Petroleum Corporation, NNPC, has secured an interim offshore processing agreement, OPA, with three of its Joint Venture companies. The agreement with Duke Oil, Carlson and Napoil is to boost the supply of refined petroleum products into the country.
The NNPC stated in a press release signed by Ohi Alegbe, group general manager, Group Public Affairs Division of NNPC, on Wednesday, September 9, and made available to Realnews that the stop-gap OPA arrangement was designed to run for three months. It will oblige the corporation to allocate a certain volume of crude oil within the period for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern.
The corporation explained that the temporary OPA package would elapse with the advent of the fresh OPA contracts envisaged to come into effect at the end of the ongoing public tender process.
It noted that the OPA arrangement would help augment in-country production of refined petroleum products from the nation’s refineries to meet local demand.
– September 9, 2015 @ 9:10 GMT |
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