NNPC Orders Oil Swap Contractors To Patronise Shipping Subsidiary

The Nigerian National Petroleum Corporation (NNPC) yesterday urged firms involved in the crude swap also known as Direct Sale Direct Purchase (DSDP) scheme of the corporation to patronise the shipping subsidiary (NIDAS).

The DSDP is a scheme by which NNPC sells crude oil directly to off-shore refiners and receive products from same in return. Group Managing Director of the corporation, Dr. Maikanti Baru, who gave the directives to crude swap partners, noted that this was to ensure sustained profitability of the shipping subsidiary.

Baru, according to a statement, particularly passed the advice to two of NNPC’s relevant subsidiaries – Crude Oil Marketing Division (COMD) and the NNPC Trading Limited, during his visit to the NNPC Office in Hammersmith, London, where he met with the staff of both the London Office and NIDAS. A statement issued by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in Abuja yesterday, affirmed that the corporation’s GMD, Baru was elated by the giant profitability strides recorded by NNPC/ NIDAS no sooner than it launched into international freight business.

“I wish to commend NIDAS for beginning to make money for the NNPC. I am particularly elated with the company’s performance, which has seen it doing 15 voyages on clean petroleum products from October 2018, just four months after it resumed international freight business,” Baru was quoted to have told the company’s staff during the visit. He called on them to redouble their efforts towards sustaining the current tempo, which he said, was in line with the profitability drive of the corporation.

NIDAS Limited Managing Director, Mr. Lawal Sade, who spoke during the visit of the GMD, lauded him for his support and efforts in revamping the company, which he said, prior to the GMD’s assumption of office, had been moribund. “Our recent modest successes wouldn’t have been possible without Dr. Baru’s support. We are truly inspired by this visit and we are ever ready to achieve the targets set for us by the NNPC management,” he added. Sade further said that the company would work harder to sustain the tempo by engaging and soliciting the support of sister NNPC’s outfits and international partners towards improving the corporation’s bottomline.

SOURCE: newtelegraphng.com