Hungary Considers Nigerian Crude Oil, LNG

Posted On December 5th, 2017 - 9:33 am | by Oil and gas press

Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.

The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, Tuesday in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary.

“Hungary depends on oil importation to serve its energy needs as the country is non-oil producing. We want to diversify our sources of crude oil and LNG import and we are considering purchasing these products from Nigeria,”

Ambassador Ternak stated.

He said the Nigerian crude oil would be of great help to Hungarian Refineries involved in large scale commercial refining.

The Hungarian envoy stated that Nigeria could also leverage on the bi-lateral relationship with his country by engaging the services of Hungarian firms that specialize in repairs, maintenance and building of refineries as well as medical services.

He said that Hungarian universities with many years of oil and gas engineering expertise, could assist Nigeria in the areas of capacity building of oil workers.

In his remarks, the NNPC GMD, Dr. Maikanti Baru, stated that the Corporation had commenced tendering process for the selection of the 2018 crude oil off-takers, adding that Hungarian companies could utilize the opportunity by participating in the exercise to maximize value from direct purchase, rather than going through a third party.

“If you don’t participate in the tendering process, you would have to buy the products from one of the traders. However, if you participate with companies and refineries that meet our requirements, they could be shortlisted as off-takers,” The GMD averred.

Source / More: NNPC

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