NNPC To Sign Oil Swap Contracts
Posted by admin | 9 years ago | 2,637 times
The Nigerian National Petroleum Corporation, NNPC, has signed an interim Offshore Processing Agreement with three of its joint venture companies.
In a statement issued by the NNPC Group General Manager, Public Affairs Division, Ohi Alegbe, the three companies are Duke, Carlson and Napoil oil companies.
In order to sustain the prevailing nationwide supply and distribution of petroleum products, the agreement is designed to boost the supply of refined petroleum products across the country.
The OPA arrangement which will run for three months obliges the corporation to allocate a certain volume of crude oil within the period for refining at offshore locations.
It noted the OPA arrangement would help augment in- country production of refined petroleum products from the nation’s refineries to meet local demand.
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