The Nigerian National Petroleum Corporation’s (NNPC) shipping Subsidiary, NIDAS, says it has signed Contract of Affreightment (COA) with BP and Socar for their Direct Sale Direct Purchase (DSDP) clean cargoes.
NIDAS Ltd Managing Director, Mr. Lawal Sade, disclosed this during the visit of the NNPC Group Managing Director, Dr. Maikanti Baru to the NNPC office in Hammersmith, London.
Mr Sade said apart from the contracts already signed, discussions were also ongoing with Vitol, Mercuria and Petrocam for similar agreements.
DSDP is a scheme by which NNPC sells crude oil directly to off-shore refiners and receive products from same in return.
crude cargoe ship
Sade said NIDAS has gradually started to find a good footing from the vessel fixing as they were able to fix vessels below competitors’ rate. He added that the company is now in the process of deploying IT facilities and software that will enable them monitor their ships on the high seas.
Earlier, Dr. Baru, had urged partners involved in the DSDP scheme of the corporation to patronize the NNPC shipping subsidiary.
A release by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in Abuja, said the Dr. Baru, was elated by the giant profitability strides recorded by NNPC/NIDAS no sooner than it launched into international freight business.
“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,” Baru told the company’s staff during the visit.