Abuja - In a break with tradition, the federal government has awarded most of its long-term oil contracts worth an estimated $40 billion (N6.4 trillion), covering around 340 million barrels of oil a year to local companies.
Long-established Nigeria’s oil trading partners, like Glencore Xstrata, Vitol, Trafigura missed out of the oil contracts, reports BusinessDay.
The implication of the move by the government is that interested global traders must partner with the local oil firms to access the country’s crude oil.
The oil contracts were, however, awarded to just 28 companies, as against around 50 in 2012, the last time such contracts were awarded.
Read more at BusinessDay.
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