Nigeria to resume sale of crude to U.S. as 224 firms bid

There are indications that the United States may resume the buying of crude oil from Nigeria.

This is just as India, Thailand and Indonesia have emerged the preferred destination of Nigerian crude oil exports.

Also, 224 companies have submitted bids to sell the country’s crude oil in the international markets, beginning from February 2017 for a period of 12 months.

The Nigerian National Petroleum Corporation (NNPC) had dispelled rumours that the country was finding it difficult to sell its oil at the international market.

It said Bonny Light, the crude produced in the country, is still one of the most sought-after in the world, especially by refiners in the Europe and Far East Asian countries.

At the opening of the bids in Abuja, the NNPC Group Managing Director, Dr. Maikanti Baru, said there was a drop in the list of bidders from 278 that applied for the contract in 2015.

This, he said, was due to the stringent conditions that must be met by bidders.

He added that apart from bonny light, Nigeria also produces Qua Iboe, Brass River and Forcados crude oil.

According to him, the refiners and big crude oil lifters would be given a priority in the process, which would be concluded in February 2017.