Nigerian National Petroleum Corporation, NNPC, is set to invite tenders for the sale and purchase of Nigerian crude oil grades, a competent source has said.
The source told the News Agency of Nigeria 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 and/or retail outlets and government to government arrangements (bilateral relationships).
Others are established and globally-recognised large volume crude oil traders and indigenous Nigerian companies engaged in petroleum downstream business in the country.
According to the source, bidders will be given ample time to make their submissions.
The source said: “Applications may extend to the second week of January 2018.
“The duration of the term contract will be for a period of one year.”
NAN learnt that details of the tender are expected to be made public by the end of week and this is expected to enjoy wide publicity, locally and internationally.
NAN further gathered that the NNPC Group Managing Director has given strict directives that the tendering process should be transparent.
The source added: “Expect strict tender requirements on compliance with the Nigerian Content Act.
“Prospects must be forthcoming with detailed Nigerian Content execution strategy in line with the requirements of the Nigerian Content Development and Monitoring Board.”