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Industry Update – Nigeria’s National Oil Company Issues Tenders for the 2019/2020 Crude Oil Swap Arrangements

Nigeria’s National Oil Company , (NNPC), has issued an Invitation to Tender to International Refining Companies and Global Petroleum Trading Companies (Suppliers) to bid for the 2019/2020 Crude-for-Product Swaps (Crude Oil Swap Arrangements)

Crude Oil Swap Arrangements requires the NNPC to deliver Nigerian crude oil (Nigerian Crude) on a monthly /Free on Board (FOB) basis to Suppliers who will in return, deliver petroleum products of Nigerian standard specification (Products) to NNPC on a Delivered at Place (DAP) basis, at a designated safe port (s) in Nigeria.

The Products to be delivered will typically be equivalent in value to the Nigerian Crude delivered to the Supplier by the NNPC in accordance with the provisions of the Term Sheet to be signed between NNPC and the respective Suppliers.

A copy of the Invitation to Tender is available here

For more information and further inquiries, please reach our to your Balogun Harold contact or to our Oil & Gas Transactions team via energy@balogunharold.com

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