2 months ago
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By Kingsley Jeremiah, Abuja
26 August 2024 | 4:45 pm
Nigerian National Petroleum Company Limited (NNPC) has commenced the shipment of Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis, the company said on Monday, citing a move to become a global energy supplier. Chief Corporate Communications Officer of NNPC, Olufemi Soneye, said in a statement, that the milestone was…
Nigerian National Petroleum Company Limited (NNPC) has commenced the shipment of Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis, the company said on Monday, citing a move to become a global energy supplier.
Chief Corporate Communications Officer of NNPC, Olufemi Soneye, said in a statement, that the milestone was achieved through a collaboration between NNPC Ltd’s subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd.
The company said on June 27, 2024, that the 174,000m³ LNG vessel, Grazyna Gesicka, delivered the first DES LNG cargo to Futtsu, Japan.
Following this, NNPC expanded its footprint to China, successfully delivering another LNG cargo on the same basis, the state oil company said.
The DES system, which places the responsibility for shipping and insurance on the seller until the goods reach the specified port, demands higher expertise and efficiency compared to the free-on-board (FOB) model.
NNPC has been active in LNG trading since 2021, with over 20 cargoes sold into European and Asian markets on an FOB basis.
The Executive President of NNPC Ltd’s Downstream Operations, Dapo Segun, emphasised the significance of the DES system, stating that it not only offers higher financial returns but also enhances NNPC Ltd’s presence in the downstream LNG sector.
“The DES system allows NNPC Ltd to capture more market share while building in-house capacity and ensuring global customers become familiar with the NNPC Ltd brand,” Segun said.
Managing Director of NNPC Shipping, Panos Gliatis, highlighted the company’s ambitions, saying, “NNPC Shipping intends to build a shipping portfolio, including owned vessels, to provide our sister company and other clients with all the shipping flexibilities they need.”
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Nigerian National Petroleum Company Limited (NNPC) has commenced the shipment of Liquefied Natural Gas (LNG) to Japan and China on a Delivered Ex-Ship (DES) basis, the company said on Monday, citing a move to become a global energy supplier. Chief Corporate Communications Officer of NNPC, Olufemi Soneye, said in a statement, that the milestone was…
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