Emmanuel Thomas, Lagos
September 9, 2015 – Determined to sustain the prevailing unimpeded nationwide supply and distribution of petroleum products, the Nigerian National Petroleum Corporation, (NNPC) on Wednesday announced an interim Offshore Processing Agreement (OPA) with three of its Joint Venture companies namely Duke Oil, Carlson and Napoil to boost the supply of refined petroleum products.
In a statement signed by Group General Manager, Public Affairs, Mr. Ohi Alegbe, the NNPC stated that the stop-gap OPA arrangement which is designed to run for three months obliges the corporation to allocate a certain volume of crude oil within the period for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern.
The corporation explained that the temporary OPA package will lapse with the advent of the fresh OPA contracts envisaged to come into effect at the end of the ongoing public tender process.
It noted that the OPA arrangement would help augment in-country production of refined petroleum products from the nation’s refineries to meet local demand.
