Bad news travels at the speed of light; good news travels like molasses QUIRKY JOKE
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The Nigerian National Oil Company NNPC has issued an invitation for a prequalification exercise of intending participants under the Direct Sale of Crude and Direct Purchase of Petroleum (DSDP) program. The current contract for the scheme which has been running for a year with 7 participating JVs will expire in March 2017.
Under the scheme, participants receive allocation of Crude Oil and deliver petroleum products of equal value in lieu of cash payment. The program which has been deemed successful in some quarters is a replacement for the controversial Offshore Processing Agreement which ended shortly at the inception of the government of President Buhari.
In the words of the NNPC spokeperson, "To ensure sustainable petroleum product supply across the country, NNPC has called tenders for the lifting of crude oil in return for the delivery and supply petroleum products under the direct sale of crude oil and direct purchase of petroleum products,"
The bid opening ceremony is scheduled for 2nd February, with contracting and swap program expected to commence in April 2017.