Nigeria Issues Tender for Sale of Crude Oil Through 2013

Nigerian National Petroleum Corp., the state-owned oil company, invited bids for the sale of crude oil for loading from June 1, 2012 to May 31, 2013, the Abuja- based company said.

“Applicant must have a minimum annual turnover of $600 million and net worth of not less than $300 million; applicants must attach three years audited accounts,” the company also known as NNPC said today in the e-mailed notice from Abuja, the capital. “Payment for all cargoes shall be on the basis of confirmed irrevocable Letter of Credit from approved local and international banks.”

Nigeria is Africa’s top crude producer and the fifth- biggest source of U.S. imports. At least 90 percent of the country’s oil is pumped by Royal Dutch Shell Plc (RDSA), Exxon Mobil Corp., Chevron Corp. (CVX), Total SA (FP) and Eni SpA (ENI) in joint ventures with the NNPC.

The tender for the sale of crude closes on April 5, according to NNPC.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net.