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NNPC seals new crude-for-fuel swaps deal for one year -sources

NNPC seals new crude-for-fuel swaps deal for one year -sources
Emma Tochi is Naija247news Media Northern Bureau Chief, he s based in FCT Abuja.
He overseas the northern operations of this business media
Nigeria’s state oil firm NNPC has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August, sources with direct knowledge of the matter said. The list includes major Swiss trading firms Trafigura, Vitol and Mercuria, oil major Total as well as large Nigerian traders Sahara Energy, Oando and MRS Oil.
The contracts, known as direct sale, direct purchase (DSDP) are coveted since they are used to supply nearly all of Nigeria’s gasoline needs as well as cover some of its diesel and jet fuel consumption. Two sources said each consortium would receive 20,000 barrels per day of crude oil in exchange for products, making the combined total 320,000 barrels per day of Nigeria’s output. ....

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NNPC Picks 16 Companies for New Crude Oil-swap Deal

By Emmanuel Addeh in Abuja with agency report
The Nigerian National Petroleum Corporation (NNPC) has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August.
A report yesterday by Reuters listed the consortia to include major Swiss trading firms, Trafigura, Vitol and Mercuria, oil major Total as well as large Nigerian traders, Sahara Energy, Oando and MRS Oil.
Other companies which qualified for the contracts, according to a list sighted by THISDAY include: AY Mai Kifi, based in Kano; Litasco, a South African firm; Bono Energy, Lagos; Duke Oil, an NNPC subsidiary; Eyrie Energy, based in Abuja; Asian Energy Services; Prudent; BP and Mocoh. ....

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Report: NNPC picks Oando, Sahara Energy for new crude oil swap deal

Speaking at the African Refiners Association conference, Mele Kyari, group managing director of NNPC, had said that the DSDP deal helped save more than $1 billion a year since its introduction.
Reuterslisted the consortia to include major Swiss trading firms; Trafigura, Vitol and Mercuria, Total, as well as large Nigerian traders, Sahara Energy, Oando and MRS Oil.
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Other companies which qualified for the contracts, according to the include: AY Mai Kifi, based in Kano; Litasco, a South African firm; Bono Energy, Duke Oil, an NNPC subsidiary; Eyrie Energy, based in Abuja; Asian Energy Services; Prudent; BP and Mocoh.
The DSDP are coveted since they are used to supply nearly all of Nigeria’s gasoline needs as well as cover some of its diesel and jet fuel consumption. ....

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NNPC subsidiaries received N1.45 trillion in credit sales in 2019 -- Report

The monies were given for oil and gas supply, Dataphyte found.
Oil sales are Nigeria’s largest revenue source, and revenue shortages due to defrayed costs could cause a severe financial burden, including an increase in borrowings. This was evident in the corporation’s
financial account, with the posting of a loss of ₦16.3 billion in
2019 while the overall Group reported a ₦20.2 billion loss. In 10 years, it reported a
combined loss of ₦474 billion and ₦1.55 trillion, respectively.
NAPIMS and Kaduna refinery owe the bulk of unpaid bills
A breakdown of the credit sales showed that the loss-making Kaduna refinery and National Petroleum Investment Management Services (NAPIMS), a subsidiary managing the Nigerian government’s investments in the upstream sector, owed NNPC in unpaid bills to the tune of ₦470.08 billion and ₦534.8 billion, respectively. ....

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17.03 billion litres of fuel consumed in 13 months – NNPC

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The Nigerian National Petroleum Corporation said on Sunday that the total sale of petroleum products for the period November 2019 to November 2020 stood at 17.031 billion litres, with petrol accounting for 16.911 billion litres or 99.29 per cent.
The Petroleum Products Marketing Company is principally engaged in the supply and marketing of refined petroleum products to marketers/retailers on behalf of the NNPC.
The corporation also announced in a statement that its trading surplus rose by 54 per cent to N13.43bn in November from N8.71bn recorded in October.
It said its monthly financial and operations report indicated that in November, its operating revenue decreased slightly by 0.02 per cent or N0.09bn to N423.08bn, compared to the previous month. ....

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