Aiteo, Taleveras, Barbedos, Others Win $40bn Oil Lifting Contracts in Nigeria

Aiteo, Taleveras, Barbedos, Others Win $40bn Oil Lifting Contracts in Nigeria

The Nigerian National Petroleum Corporation (NNPC) has awarded yearly crude oil lifting term contracts for 2014/2015 of about $40 billion to mostly Nigerian companies comprising Aiteo, Taleveras, Barbedos and others, and by so doing, has downsized contracts awarded to international oil traders.
In a break with tradition, no contracts were given directly to foreign traders such as Glencore, Trafigura and Vitol, with only Switzerland’s Mercuria winning a contract.
With this development, global traders need to partner the local companies to access crude oil from Nigeria, Africa’s top producer.
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