Nigeria to buy up to 1.55-million tonnes of petrol to stave off shortages
London — Nigerian state oil company NNPC has issued a tender to buy up to 1.55-million tonnes of petrol from January to April in its latest effort to stave off shortages that have recently plagued Africa’s most populous nation. The tender, which was issued on Monday afternoon and closed on Tuesday, sought 42 cargoes of petrol, each 37,000 tonnes, on top of the volumes NNPC is taking via ongoing crude-for-product swap contracts. Traders said the call for cargoes went only to the companies holding the swap contracts, dubbed direct sale, direct purchase agreements (DSDP). NNPC is asking for pre-delivery of the petrol, with payment up to 45 days after delivery in either cash or crude oil. It is seeking 15 cargoes for delivery in each of January and February, and six in each of March and April. Nigeria has been eagerly buying fuel since queues popped up across the country last month. December is typically the peak demand season in Nigeria, but traders said imports sagged in October, Nove...
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