The Nigerian National Petroleum Corporation (NNPC) on Thursday announced cancelation of the current contract for delivery of crude oil to the nation’s refineries in Warri, Port Harcourt and Kaduna, citing “exorbitant cost and inappropriate process of engagement.”
It has also terminated Offshore Processing Agreements (OPA) entered into last January with Duke Oil Company Inc., Aiteo Energy Resources Limited and Sahara Energy Resources (Nig) Ltd., and begun a new process to engage new off-takers for 2015/16 crude oil term contracts.
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