Nigeria sends out further oil shockwaves

Nigeria sends out further oil shockwaves

Sending further shockwaves to tanker owners calling in West Africa Nigeria’s state oil company said yesterday it has nixed its contract for the delivery of crude to the country’s refineries in Warri, Port Harcourt and Kaduna.

“The corporation has cancelled the current contract due to exorbitant cost and inappropriate process of engagement,” a Nigerian National Petroleum Corp (NNPC) statement said.

NNPC also terminated offshore processing agreements (OPAs) made in January with Duke Oil Company, Aiteo Energy Resources and Sahara Energy Resources. New OPAs are likely to be handed to local companies.

Earlier this week crude oil swap deals for refined products between NNPC and oil traders were barred.

A month back more than 100 international tanker owners were also barred from calling in Nigeria as part of massive sweeping reforms to the nation’s energy sector.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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