The Group Managing Director,  Nigerian National Petroleum Corporation( NNPC),  Dr. Maikanti Baru said the bid process for the sales and purchase of Nigerian crude oil grades will be transparent.

Baru said this in Abuja on Thursday when he declared open the bids process in which a total of 224 bids were received.

According to him, the crude oil contract tenders‎ is to ensure transparency, enshrine accountability  and conduct business in line with best global practices.

”Today’s event marks yet another turning point in our quest to further enshrine transparency and accountability, two critical core values of our Corporation.

”Our focus as a national oil company is to enhance our production volumes, ensure the best value is realised through competitive marketing of our crude grades to international refineries and traders.

”In line with this aspiration, NNPC is collaboration with key  stakeholders to improve on the overall security of our production sites and to ensure the safety of our environment.

”Today, we are therefore opening this bid before the entire World in line with President Muhammadu Buhari’s drive for transparency and accountability in the conduct of government business.

”We received 224 bids as at the12:00 noon‎ deadline today. May the best bids win,” He said.

Earlier, Mr Mele Kyari, Group General Manager Crude Oil Marketing Division while giving account of the sales of the Nigerian crude dismissed reports that only China buys Nigerian crude.

He said China bought  one cargo but Europe remained the major buyer followed by Asia.

On global oil prices, he explained that the major challenge was that supply continued to exceed demand.

This, he said, would continue to affect the oil price for some time.

SOCA oil, Bell point and Northwest were among the 224 companies bidding for the contract.

This year’s number is an increase from the 218 bids the NNPC received in 2015/2016. NAN