TheCable

Maikanti Baru, group managing director (GMD) of the Nigeria National Petroleum‎ Corporation (NNPC‎), says the corporation will be transparent in its evaluation of bids for direct-sale-direct-purchase of crude oil (DSDP).

Baru said this while declaring the bidding process open at the NNPC Towers on Thursday.

DSDP replaced the crude-for-product arrangement, better known as crude oil swap, under which Nigeria gave crude oil in exchange for  products through third parties.

The new arrangement eliminates cost elements of middlemen and gives the NNPC the latitude to take control of sale and purchase of the crude oil transaction with its partners, while in the old order,  crude oil was exchanged for petroleum products through third party traders at a pre-determined yield pattern.

Baru said DSDP had helped in product stabilisation‎ in the country, hence it should be sustained.

‎”DSDP has helped greatly in product stabilisation in the nation. It ensures that supplies from the refineries are sustained to meet national sufficiency,” he said.

“One of my major principles at the NNPC is the enthronement of transparency, accountability and integrity.”

Delivering the opening remarks, Mele Kyari‎, NNPC group general manager, crude oil marketing,  warned bidders not to give money to anyone to influence the process.

He said the bidding process could not be influenced by anyone because the corporation would be thorough in its evaluation.

“We are not going to leave any room for corruption. Transparency is our watchword,” he said.

“We are a law-abiding organisation and we will promote efficiency.‎”

The corporation said it received 128 bids for DSDP.