The Different Ways of Getting Crude Oil From Nigeria.
Directly Out Of The Nigerian National Petroleum Corporation (NNPC):
The Nigerian National Petroleum Corporation (NNPC) is the Nigeria’s petroleum & gas regulatory body, and will be the firm which has the direct appropriate to market crude oil. The issue with going through the NNPC is that they have very strict requirements, and thus, most crude petroleum buyers want to undergo companies that have been granted crude oil allocations from the NNPC.
A Few of the requirements are:
A evidence of finance crossing through $100,000,000.
have to have a local refinery and also global refinery.
Should have a performance bond of at least $1,000,000.
These conditions create refineries take another path of utilizing private sellers.
Personal Sellers:
These are large gas and oil firms in Nigeria who have primitive oil allocations in the NNPC. They have to sell off their allocations in a specific time and may be approached with petroleum buyers if they can’t fulfill the requirements determined by the NNPC to purchase straight from the company.
These are people or smaller companies who have links to the national authorities or to businesses who have been given allocations. They can make their buy direct from the huge oil & gas companies, or else they might also vie to get an allocation.
While purchasing from these collection of crude oil vendors comes in a threat, finding real sellers is a whole lot easier to address than purchasing from the NNPC.
A Loaded Vessel:
A crude oil purchaser can purchase from a primitive oil vendor who already includes a boat filled with petroleum. This normally occurs when the crude oil seller previous purchaser defaults, leaving them with crude petroleum already paid for. This is maybe the quickest way to purchase crude oil from Nigeria, since you are just handling the direct person through TTO & TTT.
