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Monday, December 21, 2015
NNPC will award new crude for product swap agreements to Total, Varo Energy, Cepsa and ENI, Mele Kyari, head of the crude marketing unit told reporters. The deals, which are expected to begin in Q1, will have firms dealing directly with the refineries as opposed to the previously used “offshore processing” agreements.
NNPC cancelled the initial bidding process for crude swap agreements in November, going directly to the refineries that could process the oil themselves instead.
This follows the announcement that Nigerian refineries were inactive in October. The West African country, Africa’s number one crude producer, has had refining issues for years leading it to import the majority of its fuel needs. Emmanuel Ibe Kachikwu, the country’s state minister for petroleum and the head of NNPC said, “In October we had zero performance (from refineries), we didn’t produce anything, adding, “As of now the refineries are still not working. We are going to try and repair them.”
According to various reports over the years, funds have often been allocated for maintenance or repairs for the refineries, although rarely, if ever, carried out. In November a Reuters report said that Nigeria aimed to produce up to 30% of its domestic gasoline needs by Q1 2016 following an overhaul of the refineries.
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