To sustain the present nationwide availability of petroleum products, the Nigeria National Petroleum Corporation, NNPC has signed an interim Offshore Processing Agreement (OPA) with three of its joint venture partners. The companies are Duke Oil, Carlson and Napoil.
In a statement issued yesterday, the corporation's spokesman, Ohi Alegbe said that under the OPA arrangement which is expected to run for three months, the NNPC will allocate a certain volume of crude oil for refining at offshore locations in exchange for refined petroleum products at agreed yield patterns.
The statement said ;
“Determined to sustain the prevailing unimpeded nationwide supply and distribution of petroleum products, the Nigerian National Petroleum Corporation, NNPC on Wednesday announced an interim Offshore Processing Agreement (OPA) with three of its Joint Venture companies namely Duke Oil, Carlson and Napoil to boost the supply of refined petroleum products.
“The stop-gap OPA arrangement which is designed to run for three months obliges the Corporation to allocate a certain volume of crude oil within the period for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern.
“The Corporation explained that the temporary OPA package will lapse with the advent of the fresh OPA contracts envisaged to come into effect at the end of the ongoing public tender process."
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