NNPC issues directives on 2019-2020 crude-for-crude swap tender
The Nigerian National Petroleum Corporation, NNPC, has issued its 2019 -2020 crude-for-product swap tender.
According to the state-owned oil company through its official Twitter account, the tender will close on May 2 at noon.
The Direct Sale Direct Purchase, DSDP tender document did not specify what date the swap will start or the quantities to be swapped.
The existing swap contract holders include Vitol, Trafigura, Mercuria and French oil major Total.
Their contract started mid-2017, accounting for just over 300,000 bpd of crude.
Nigeria has been using swaps for about 10 years But the DSDP model was introduced by NNPC in 2016 where it sells crude oil to refiners or trading houses, who in return, supply mainly gasoline but also other petroleum products such as diesel.