Discover the crude oil trader where you can purchase your petroleum from. It is located in Nigeria and it is a government company which is responsible for the sell and purchase of Nigerian petroleum. You need to read the whole of this article to discover how it works.
NNPC is the trader in charge of monitoring the drilling, production, purchase and sell of petroleum in Nigeria. It is a government owned company. The full meaning of NNPC is Nigeria national petroleum corporation. Buying petroleum from NNPC is not an easy process especially if you are a first time buyer or if you do not have huge funds. There are some requirements to buy petroleum from NNPC. They are as follows:
1. You should have a capital of up to $100,000,000
2. You should have an operating refinery or a prominent oil trader.
One hundred million dollars is not chicken money and you will need to be very rich to be able to own such amount of money. NNPC restricts buying of crude oil to local and international refinery and renowned oil traders. Once you meet the criteria, the next step is to contact the marketing department of NNPC. It has offices in London and Nigeria. It has up to 3 offices of the NNPC in Nigeria or London. One is located at Lagos; the others are at Abuja and Port Harcourt respectively. This can be done in writing to them or calling them on phone. These two processes may take time before you get a response. You will get faster response if you visit their office and meet the right department responsible for this particular issue.
Furthermore, when you must have passed NNPC due process, you will be given oil allocation. Before you are given the oil allocation, you will be required to deliver $1 million performance bond via a first class bank located in Nigeria or abroad. Oil contracts which you have previously executed will also be required. The protocol for the sell or purchase of Nigeria petroleum through this Nigerian government marketer is brain-cracking especially for first-time buyers. You need to be organized in order to pass their due process.