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FG Opens 128 Bids, Saves $500m On Oil Products - Dr Maikanti Baru


The Group Managing Director (GMD) of the Nigeria
National Petroleum Corporation (NNPC), Dr Maikanti
Baru, on Thursday said the corporation saved 500
million dollars (N152.4bn) on oil products sales.
Baru disclosed at the opening of bid for the Direct
Sale Direct Purchase (DSDP), at the NNPC Towers in
Abuja. Newsmen reports that DSDP is a model
introduced in 2016; carried out through direct sales of
crude oil to refiners or consultants, who in turn
supply NNPC with equivalent worth of products.
Journalists also reports that 128 Indigenous and
International Oil and Gas companies indicated interest
to participate in the 2017 DSDP programme.
*Gas pipelines
The batch over which the bids were opened is
scheduled to last for the next one year, starting from
April 1. “The DSDP programme has also recorded
significant cost savings of over half a billion dollars
through major reduction in the amount we paid for
both demurrage and the product themselves.
“It ensures that the supplies from refineries are fully
augmented to meet the national supply as well as a
sustained over 30 days sufficiency particularly with
petrol. “The programme is very transparent and the
major instruments on the partnership between the
NNPC and the product supplies both local and
international, we have as part of this programme,”
Baru said.
In an interview with newsmen on the sideline of the
bidding process the GMD said the requirement was
that the bidder must have physical presence in
Nigeria. “The major drive here is to ensure that
Nigerians are not left out and to ensure that those that
emerge, whether consortium or single, must have
physical presence in Nigeria.
“That means they must have depots or retail outlets
as a minimum or they must be involved with
exploration or production of crude oil. “So we will
ensure that most of them are domiciled here in
Nigeria. This year’s programme for DSDP is about 800,
000 barrels at most,” he said. He said the tenders will
be based on West African quality specifications and
we will maintain the latest which is 50 per cent of
sulphur content. It was equally reported that the
corporation saved a billion dollars from the DSDP
programme in 2016.


http://www.vanguardngr.com/2017/02/fg-opens-128-bids-saves-500m-oil-products-dr-maikanti-baru/

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