*Commits to responsible TAM on refineries
FREEPRESS — As part of its new business strategies to overcome extant disruptions in international crude oil market especially with regards to hydro-fracking technology and loss of patronage from the United States, Nigeria could resort to longer term sales contract for lifting of its crude oil.
According to the handlers of its stakes in her oil and gas industry, the Nigerian National Petroleum Corporation (NNPC), it will require more than a change of trading destination to capture and maintain new markets for her crude oil.
The Group Managing Director of NNPC, Dr. Joseph Dawha said in a presentation he made at the just concluded 2015 edition of the Nigerian Oil and Gas (NOG) conference and exhibition in Abuja that its new strategies to capture markets for the countries crude oil will include direct sales to refineries and longer term crude sales contracts beyond the current one year.
“Exports of Nigerian light sweet crude to the U.S. and indeed all African light sweet crude to the U.S. has now ceased.
This market disruption has led to diversion of Nigerian and other African producers’ crude to Europe and Asia,” Dawha said.
“A strategic repositioning of the destination of Nigeria’s crude trade requires more than a change of destination but must include direct sales of crude to refineries in new markets and longer term crude sale contracts beyond the current one year term,” he added. (ThisDay)
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