NNPC’s NIDAS to restart oil shipping

Nigeria

ABUJA
, October 31, 2018 – NIDAS shipping services is set to re-enter the international oil shipping market, the Nigerian National Petroleum Corporation (NNPC) announced Tuesday.

NIDAS will use the clause in NNPC annual crude oil term and direct sale-direct purchase agreements requiring offtakers to offer the NNPC shipping subsidiary the right of first refusal in freighting of cargoes, the NOC said in a statement.

“The long-term aspiration of the company is to own and operate fleet to secure a significant market share in the global shipping market,” NNPC added.

NNPC also said that the move is part of a wider strategy to diversify revenue sources for the NOC.

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