Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil Lifting: NNPC directs DSDP partners to patronize shipping subsidiary

    Oil Lifting: NNPC directs DSDP partners to patronize shipping subsidiary

    March 7, 2019
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Crude oil supply vessel.

    Ike Amos

    07 March 2019, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, Thursday, directed its partners under the Direct Sale Direct Purchase, DSDP, scheme, to patronize its shipping Subsidiary, NIDAS.

    Group Managing Director of the NNPC, Mr. Maikanti Baru, who gave this directive 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, said this would ensure sustained profitability of NIDAS.

    Baru expressed satisfaction by the giant profitability strides recorded by NNPC/NIDAS no sooner than it launched into international freight business.

    He said, “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.”

    He called on staff of the company to redouble their efforts towards sustaining the current tempo which he said, was in line with the profitability drive of the corporation.

    Also Read: US shale operators cut capex, raise production in 2019

    https://sweetcrudereports.com/2019/03/03/us-shale-operators-cut-capex-raise-production-in-2019/

    Also speaking, Managing Director of NIDAS, Mr. Lawal Sade, said NIDAS had already signed Contract of Affreightment (COA) with BP and Socar for their DSDP clean cargoes, while discussions are ongoing with Vitol, Mercuria and Petrocam.

    According to Sade, NIDAS has gradually started to find a good footing from the vessel fixing of last month as they were able to fix vessels below its competitors’ rate, which made some companies particularly Oando to come to NIDAS for a spot charter.

    He observed that they were in the process of deploying IT facilities and software that will enable them to monitor their ships on the high seas.

    Sade lauded Baru for his support and efforts in revamping the company which he said had been moribund, prior to the assumption of office of Baru.

    “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.

    Also Read: Iraq’s total oil exports average 3.620 mln bpd in February -Oil Ministry

    Sade further stated 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.

    Like and follow on facebook & twitter

    Related News

    Rivers Administrator demands stronger prosecution of oil thieves

    Shell Nigeria Gas engages stakeholders on deepening gas distribution

    Petrol retailers accuse Port Harcourt refinery Coordinator of sabotage

    E-book
    Resilience Exhibition

    Latest News

    TotalEnergies CEO defends company against East Africa abuse allegations

    May 24, 2025

    Firm invest N2 billion to scale up solar energy access in Nigeria

    May 24, 2025

    Russia and Bahrain in advanced talks over LNG supply deal, sources say

    May 24, 2025

    Are OPEC’s forecasts driving crude oil into a new downtrend?

    May 24, 2025

    Saudi Aramco seeks investors in Jafurah infrastructure assets, sources say

    May 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.