The Nigerian National Petroleum Corporation, NNPC, on Wednesday, terminated the Offshore Processing Agreements (OPA) with three oil marketing companies in January this year.
The companies are Duke Oil Company Inc., Aiteo Energy Resources Limited and Sahara Energy Resources (Nig) Ltd.
Under the agreement, the NNPC allocates a total of 210, 000 barrels of crude oil per day for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern.
The termination, according to the Corporation, is part of new measures aimed at cost reduction and strengthening of operational efficiency across the corporation’s value chain.
Read More: dailytimes