Nigeria’s NNPC awards oil swap contracts to Vitol, other traders

vitol

Nigeria’s state oil company, the Nigerian National Petroleum Corporation, NNPC said it has awarded oil swap contracts for its local fuel supply to Vitol and other major oil traders.

The detail involves oil traders getting crude oil in return for processed fuel for Africa’s largest economy that has less local production capacity for its fuel demands.

In a statement issued by the NNPC’s spokesman, the contract was awarded to 15 groupings of oil traders with over 34 companies in total.

Nigeria has about 200 million people with an estimated 40 million litres consumption of fuel per day. The NNPC has its own refineries with a capacity of fewer than 500,000 litres per day. The inadequate local production has in the past led to fuel scarcity and price inflation..

See below following is a list of the winning groups:
1: BP/Aym Shafa
2: Vitol/Varo
3: Trafigura/AA Rano
4: MRS
5: Oando/Cepsa
6: Bono/Akleen/Amazon/Eterna
7: Eyrie/Masters/Cassiva/Asean Group
8: Mercuria/Barbedos/Petrogas/Rainoil
9: UTM/Levene/Matrix/Petra Atlantic
10: TOTSA
11: Duke Oil
12: Sahara
13: Gunvor/Maikifi
14: Litasco /Brittania-U
15: Mocoh/Mocoh Nigeria