Up to 80 percent of the contracts for the lifting of crude oil will now be handled by a subsidiary of the state oil company, the Nigerian National Petroleum Corporation (NNPC).
NNPC Trading Limited, the subsidiary, is presently one of the 39 local and foreign firms engaged in the crude lifting deals.
The Managing Director of NNPC Trading Limited, Mr. Ibrahim Waya, disclosed this in the latest edition of the quarterly in-house journal of the oil behemoth.
The trading company currently handles 40 per cent of the nation’s oil lifting contracts. Waya added that the target of the firm ultimately was to handle the entire contracts.
“The current management of the NNPC under the watch of Dr. Maikanti Baru is giving us every support to jack up our operation from 10 per cent to 40 per cent.
“The GMD told us that what he wants to achieve for trading is that by the end of 2018, he wants the NNPC Trading to have 80 per cent in terms of Nigeria’s crude oil, and also conversely by the end of 2018, we want to do every form of import of products, if need be, to augment the local production of products through the NNPC Trading.”
The Federal Government had in January this year awarded 12 months’ crude lifting contracts for about 1.31 million barrels per day to 39 companies.
PIX: NNPC Boss Dr. Maikanti Baru