CBN Archives - Orient Energy Review

The Nigerian National Petroleum Corporation, NNPC, has launched a tender process for fuel supplies in the country. It stated that this falls under the NNPC’s direct sale-direct purchase (DSDP) mechanism. Under this system, NNPC will provide monthly crude oil free on board (FOB) cargoes to suppliers, who shall provide petroleum products in return. In the process, companies must register interest by December 22 at 12 noon for the 2020-21 DSDP process. Documents should be submitted by January 21 and NNPC will open these bids online. The products will be on a delivered at place (DAP) basis, to designated ports in Nigeria. The fuel shall be equivalent in value to the crude oil received from NNPC. Under the ongoing process, three different types of company can participate, and they are Foreign refinery owners capable of processing Nigerian crudes, with a Nigerian affiliate or subsidiary. Also, Globally established traders, with Nigerian affiliates or subsidiaries and indigenous companies working in the downstream with trading expertise are qualified to bid. The DSDP contract will run for 12 months, starting at a yet to be revealed time. Bidders must demonstrate they meet various standards, such as audited accounts and minimum turnover thresholds. They must also meet Nigerian content requirements. The NNPC began the DSDP process in 2016 and expects to continue this until 2023. The Corporation awarded the last round of DSDP contracts in August 2019 and was due to expire in September 2020. However, these 2019-20 DSDP awards were extended by six months. Around 130 companies submitted bids in 2019, with 15 winning bids accepted. These included BP, Vitol, Gunvor and Trafigura, in addition to some local companies such as Sahara Energy and MRS Oil and Gas. NNPC included its own Duke Oil unit in the list of 15.

Withdrawal of $21b from NLNG Account, Legal – NNPC

Peace Obi - 7th December 2020 0

…Reps summon finance minister, othersThe Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said that the withdrawal...

Reps Summon Kyari, Emefiele, Allege N3.2tn, Others Unremitted

Peace Obi - 16th November 2020 0

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central...

FG Moves to Launch ‘Energy for All’ Plan for 5m Households...

Peace Obi - 11th November 2020 0

As part of the Federal Government’s plan to provide electricity for 25 million citizens who lacked access to the national grid, the Federal Executive...

CBN Introduces Framework for Financing National Mass Metering Programme

Peace Obi - 21st October 2020 0

Nigeria’s apex bank, Central Bank of Nigeria (CBN) has rolled out a framework for financing the National Mass Metering Programme (NMMP) recently implemented by...

Organisation of the Petroleum Exporting Countries Read more at: https://www.vanguardngr.com/2021/01/opec-sees-oil-outlook-for-1st-half-of-2021-full-of-downside-risks/

Nigeria: Oil Production Fell by 1.74mbd in September – OPEC

Peace Obi - 20th October 2020 0

Crude oil production in Nigeria dropped by 1.74 million barrels in September, figures from the just released oil market report of the Organisation of...

CBN Caps N10bn Maximum for Obligors under the N250bn Gas Intervention...

Peace Obi - 17th September 2020 0

The Central Bank of Nigeria (CBN) has capped the maximum loan an obligor can access under its N250 billion intervention fund for the gas...

COVID-19: NNPC, CBN Vote N1bn for Nigerian Evacuees’ Rehab

Orient Energy Review - 19th May 2020 0

The Nigeria National Petroleum Corporation (NNPC) and the Central Bank of Nigeria (CBN) have agreed to fund the feeding and accommodation of Nigerian evacuees...

FG Launches Solar Intervention Fund, with N500m Maximum Access Limit

Why CBN bar textile importers from accessing forex

OrientEnergyReview - 6th March 2019 0

By Elizabet In a bid to promote local manufacturing, the Central Bank of Nigeria (CBN) has placed restrictions on the sale of foreign exchange to importers...

Senate uncovers fresh $1.151bn withdrawals from NLNG dividends

OrientEnergyReview - 15th November 2018 0

Aside the sum of $1.05b earlier discovered to have been withdrawn from the dividend accounts of the Nigeria Liquefied Natural Gas, NLNG, the Senate...

340MW of electricity to be added to power grid before December – Fashola

FEC approves N701billion to tackle liquidity challenges faced by GenCos

OrientEnergyReview - 10th March 2017 0

The Federal Executive Council of Nigeria (FEC) has approved a power guarantee assurance valued at N701 billion ($2.2billion) to electricity generating companies (GenCos) to...

Tag: CBN