India pushes Nigeria for more oil term contract volumes

7 Dec 2016   India

Indian state-run oil refiners have called for Nigeria to increase its total term contract volumes next year by more than 20% as demand from the South Asian country climbs, an official from Nigeria’s state-owned Nigerian National Petroleum Corporation said. This request comes a few weeks before Nigeria’s crude oil term lifting contracts for 2017 are finalized, which will be decided by mid-December. India as the largest buyer of Nigerian crude, has always said it should have a longer-term arrangement with NNPC to ensure security of supply. “Three Indian companies mentioned that they are looking for a combined total of 11 million mt [in 2017] from 9 million mt [this year],” Anibor O. Kragha, group executive director at NNPC, told S&P Global Platts in an interview on the sidelines of the Petrotech conference in New Delhi late Monday. Article continues below… Platts 4th Annual Asian Refining Summit March 9 to […]

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