NNPC to Replace Offshore Processing Arrangement

Nigeria's state oil company NNPC said on Tuesday it will replace the current Offshore Processing Arrangement with an arrangement under which it will directly sell crude oil to and purchase refined oil products from companies that own or operate refineries.

 

In a statement it said the move was "designed to enshrine transparency and eliminate the activities of middlemen" in the swap scheme. The OPA bidding process, which involved more than 100 companies began last month.