The Nigerian National Petroleum Corporation, NNPC, Thursday, directed its partners under the Direct Sale Direct Purchase, DSDP, scheme, to patronize its shipping Subsidiary, NIDAS.
Group Managing Director of the NNPC, Mr. Maikanti Baru, who gave this directive to two of NNPC’s relevant subsidiaries, Crude Oil Marketing Division (COMD) and the NNPC Trading Limited, during his visit to the NNPC Office in Hammersmith, London, said this would ensure sustained profitability of NIDAS.
Baru expressed satisfaction by the giant profitability strides recorded by NNPC/NIDAS no sooner than it launched into international freight business.
He said, “I wish to commend NIDAS for beginning to make money for the NNPC. I am particularly elated with the company’s performance which has seen it doing 15 voyages on clean petroleum products from October 2018, just four months after it resumed international freight business.”
He called on staff of the company to redouble their efforts towards sustaining the current tempo which he said, was in line with the profitability drive of the corporation.
Also speaking, Managing Director of NIDAS, Mr. Lawal Sade, said NIDAS had already signed Contract of Affreightment (COA) with BP and Socar for their DSDP clean cargoes, while discussions are ongoing with Vitol, Mercuria and Petrocam.
According to Sade, NIDAS has gradually started to find a good footing from the vessel fixing of last month as they were able to fix vessels below its competitors’ rate, which made some companies particularly Oando to come to NIDAS for a spot charter.
He observed that they were in the process of deploying IT facilities and software that will enable them to monitor their ships on the high seas.
Sade lauded Baru for his support and efforts in revamping the company which he said had been moribund, prior to the assumption of office of Baru.
“Our recent modest successes wouldn’t have been possible without Dr. Baru’s support. We are truly inspired by this visit and we are ever ready to achieve the targets set for us by the NNPC Management,” he added.
Sade further stated that the company would work harder to sustain the tempo by engaging and soliciting the support of sister NNPC’s outfits and international partners towards improving the corporation’s bottom-line .