20 October, 2015

Nigeria Wooing Asian Refiners, Especially In India And China For Crude Oil Sale

Despite the free fall  in global oil prices, Federal Government has insisted that it would not indulge in the current market share war like the Arabs are doing by offering huge discounts, or grant longer term credit to consumers to boost revenue drive.
Rather, government said, it would become more aggressive with its crude marketing by wooing Asian refiners, especially in India and China, to take up more volumes of Nigeria’s crude through long term contracts.
The development comes even as Iran, Organization of Petroleum Exporting Countries, OPEC’s fourth largest producer prepares to re-launch its crude into the global market after decades of economic sanctions by the US and other world economies, while pleading with other producers to cut back production.

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