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Hungary Indicates Interest In Nigeria’s Oil Purchase

Hungarian Ambassador to Nigeria, Prof. Gabor Ternak with Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru

The Hungarian Ambassador to Nigeria, Prof. Gabor Ternak, has indicated his country’s interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.

He disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, in Abuja, a statement from the Corporations Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said.

According to the statement, Prof. Ternak, stated that the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary.

“Hungary depends on oil importation to serve its energy needs as the country is non-oil producing. We want to diversify our sources of crude oil and LNG import and we are considering purchasing these products from Nigeria,” the envoy said.

Nigeria’s state oil company chief, Dr. Maikanti Baru, in his response informed the envoy that the Corporation had commenced tendering process for the selection of the 2018 crude oil off-takers, and urged Hungarian companies to utilize the opportunity by participating in the exercise to maximize value from direct purchase, rather than going through a third party.

“If you don’t participate in the tendering process, you would have to buy the products from one of the traders. However, if you participate with companies and refineries that meet our requirements, they could be shortlisted as off-takers,” Dr Baru stated.

He further advised that Hungary could purchase LNG through “spot cargo,” an arrangement in which excess production is given to registered off-takers with the Nigerian Liquified Natural Gas Limited (NLNG) and added that Hungarian companies could submit their profile to NLNG for possible engagement as off-takers of spot-cargoes after meeting the standard requirements.

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