Out of the 278 companies, comprising local and foreign oil companies, that submitted tenders, the corporation says only 16 will be selected for the contract.
Italian Oil giant, Eni and India's flagship national oil company, India Oil Corporation Limited, are among the international oil trading companies vying to secure term contract for the sale and purchase of Nigeria's crude oil grades.
The NNPC had in September announced it would cut from 43 to 16, the number of beneficiaries of the term contract for the proposed year.
After the entire process, the successful companies are expected to lift about 900,000 barrels of Nigeria's crude oil per day.
This, the Group Managing Director says, will be within 12 months, starting from January 2016.
The corporation also says the essence of doing the opening bid is to assure stakeholders of its transparency and sincerity of purpose
In line with the economic drive of President Muhammadu Buhari's administration, the new process is expected to eliminate intermediaries
and restore sanity to the transaction process of Nigeria's crude oil sales. Notimegist at 11am
and restore sanity to the transaction process of Nigeria's crude oil sales. Notimegist at 11am
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