Nigeria lists companies allowed to lift crude oil in 2017

Nigeria National Petroleum Corporation (NNPC) has revealed the names of the 39 companies that will buy its crude oil during the year.

The announcement follows an international call for tenders launched a few months ago that saw at least 224 bids submitted by companies.

The list comprises of 18 Nigerian companies,11 international traders, 5 foreign refineries, 3 state oil companies and two NNPC trading arms.

NNPC said all the contracts were for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day.

According to official figures, Nigeria derives 70% of its income from oil exports.

The global fall in oil prices has driven the west African nation into a recession for the first time in almost three decades.

But the increased price of crude oil to 60 dollars per barrel this year, should help Nigeria to recover some of the losses