Home BUSINESS CRUDE OIL: NNPC To Invite Tenders For Sale, Purchase Of Nigerian Grades

CRUDE OIL: NNPC To Invite Tenders For Sale, Purchase Of Nigerian Grades

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Nigerian National Petroleum Corporation, NNPC, is set to invite tenders for the sale and purchase of Nigerian crude oil grades.

A source said in Abuja on Thursday that the approach was aimed at ensuring transparency and accountability in line with the philosophy of the Federal Government.

The source said that in the past the process was shrouded in secrecy and was sometimes selective, contrary to the organisation’s motto. The motto of NNPC is:   `Focused, Accountable, Competitive and a Transparent Organisation that is conducting its business with Integrity’.

The source said NNPC, which sold Nigerian crude oil grades on Free-On–Board basis, had grouped the expected bidders for the contracts into four categories.

It identified prospective bidders as bona-fide end users, such as refinery or retail outlets and government to government arrangements bilateral relationships.

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