Energy

Hungary ready to buy Nigerian crude oil, LNG

The Hungarian Government yesterday declared interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.

Its Ambassador to Nigeria, Professor Gabor Ternak, who announced  this during a courtesy call on Dr. Maikanti Baru,  the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), in Abuja, said the decision to import crude oil and LNG from Nigeria was  due to  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.

A statement from the NNPC’s spokesman, Ndu Ughamadu, quoted the Hungarian Ambassador  as saying that  the Nigerian crude oil would be of great help to Hungarian refineries involved in large scale commercial refining.

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

According to him, Hungarian universities with many years of oil and gas engineering expertise could assist Nigeria in the areas of capacity building of oil workers.

Speaking, 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 utilise the opportunity by participating in the exercise to maximise 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.

He explained that Hungary could purchase LNG through “spot cargo,” an arrangement in which excess production is given to registered off-takers with the Nigerian Liquified Natuaral Gas Limited (LNNG).

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