Nnpc to conclude crude oil sales bid for february 2017
According to reports, the Nigerian National Petroleum Corporation (NNPC) has concluded the bid process for the sale of crude oil for February 2017.
Here are some key details:
- Total volume: The NNPC offered a total of 1.78 million barrels of crude oil for sale in February 2017.
- Bidders: A total of 14 bidders participated in the bid process, including international and local oil trading companies.
- Winning bidders: The NNPC has announced the winning bidders for the February 2017 crude oil sales. The winners are:
- Vitol S.A. (1,044,000 barrels)
- Trafigura Pte Ltd (434,000 barrels)
- Glencore Ltd (200,000 barrels)
- MRS Oil and Gas Company Ltd (100,000 barrels)
- Price: The NNPC did not disclose the prices offered by the bidders, but it is expected to be based on the Brent crude oil price benchmark.
- Payment terms: The NNPC requires payment for the crude oil sales within 30 days of delivery.
The NNPC's crude oil sales are a significant source of revenue for the Nigerian government, and the corporation is responsible for the sale of Nigeria's crude oil production to international buyers.