Hyde Energy launches its retail station roll out with the opening of new Nyanya outlet along Abuja/Keffi Road.
The Management of Nigerian National Petroleum Corporation has awarded Hyde Energy an LPG term contract for Escravos LPG. Hyde Energy would be the off-taker/purchaser of the Escravos LPG-Mix. This award is a testament of the confidence the management of NNPC has in Hyde Energy.
Adapted from reuters.com
The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contracts.
The list consists of 39 winners comprising 18 Nigerian companies, 11 international traders, five foreign refineries, three National Oil Companies (NOCs), and two NNPC trading arms.
The Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari, who announced the results, according to a statement posted on the corporation’s website, said the contract would run for one year effective January 1, 2017 for twelve consecutive circles of crude oil allocation.
According to the statement, all the contracts are for 32,000 barrels per day except for Duke Oil Limited, the oil trading arm of NNPC, which shall be for 90,000 barrels per day.
Some of the companies that emerged successful, are Oando, Sahara Energy, MRS Oil and Gas, AA Rano, Masters Energy, Eterna Oil, Britannia-U, North West Petroleum, Optima Energy, AMG Petroleum, Setana Energy, Prudent Energy, Arkleen Oil and Gas, Emo Oil, Bono, and Hyde Energy.
Nigeria has awarded most of its long-term oil contracts worth an estimated $40 billion a year to local companies, meaning global traders need to partner with them to access crude from Africa’s top producer.
Global commodity, traders, refiners and Nigerian dealers jockey at an annual tender for access to the OPEC member’s prized crude oil, which is easy to refine and produces more high-value fuels.
The contracts cover around 340 million barrels of oil, worth close to $40 billion annually based on current Brent prices, and run for a year, though they can be renewed. They were allocated to just 28 companies, versus around 50 in 2012, the last time they were awarded.
Several Nigerian oil companies featured on the annual list for the first time, such as oil trading company Hyde Energy, oil and gas firm Springfield etc.
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Following the recent acquisition of our 40 million litre capacity tank farm located in Calabar, South East Nigeria, Hyde Energy is pleased to announce the commissioning and commencement of the full operational capabilities of Hyde Tanks and Terminals Limited, our storage and terminal company. The commissioning was marked by the delivery of our first cargo of five thousand metric tons of automated gas oil on board the MT Bluegreen Tigre. The management and Staff of Hyde Energy consider this a significant milestone in its continued drive towards achieving operational excellence as a leading supplier of refined petroleum products into Nigeria.
In early 2013 we concluded the acquisition of a 40 million litre petroleum tank farm and terminal via our terminal company Hyde Tanks and Terminals Nigeria Limited, comprising of 4 gasoline tanks with installed capacity of 22 million litres, gasoil with a capacity of 6.3 million liters, dual purpose kerosene tanks of 6.3 million liters and fuel oil of 6.3 million litres capacity. The terminal is located in Calabar in south eastern Nigeria.