The Nigerian National Petroleum Corporation (NNPC), says 132 companies have submitted bids for the 2019-2020 crude for products programme also known as the Direct Sale, Direct Purchase (DSDP).

The DSDP, a system NNPC uses to swap crude for fuel, was introduced in 2016 to replace the offshore processing agreement (OPA).

Speaking at the bid opening ceremony in Abuja, Maikanti Baru, group managing director, NNPC, said the scheme has saved the government $2.2 billion since inception.

He also said the NNPC has so far supplied 39.6 billion litres of petroleum products supplied to participating companies.

“The Scheme prides itself with a competitive pricing framework, lower than the PPPRA (Petroleum Products Pricing Regulatory Agency) benchmark which over the years has ensured a significant reduction in product demurrage of 84% and cost savings of about $2.2billion,” he said.

“The 2019-2020 DSDP tender objectives include engaging reputable qualified companies for the Direct Sales of Nigerian crude oil and Direct Purchase of petroleum products; and ensuring selection of off-takers is aligned with tested transparent and accountable procedures in compliance with the Public Procurement & Nigerian Content Acts.”

Some of the bidders include international trading companies Trafigura and Vitol, as well as Duke Oil, the trading subsidiary of the corporation.

Others include Total, BP Energy, Oando Plc, MRS Oil and Gas, Sahara Energy, Eterna and Addax.