Saturday, December 7, 2024

advertise your product or service on freshreporters
HomeBusiness NewsNNPC Ltd begins expansion of global market footprint to Japan, China

NNPC Ltd begins expansion of global market footprint to Japan, China

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has commenced shipment of Liquefied Natural Gas (LNG) to Japan and China on Delivered Ex-Ship (DES) basis, expanding its global market footprint.

This milestone was achieved through the collaboration of NNPC LNG Ltd. and NNPC Shipping Ltd., with the first DES LNG cargo delivered to Japan on 27th of June. 2024, and subsequent delivery to China.

This was disclosed in a statement by the Cheif Corprate Communications Officer NNPC ltd, Olufemi Soneye on Monday, 26th of August 2024.

The statement reads:

“In line with its strategic vision to be a dynamic and reliable global energy supplier of choice, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has commenced shipment of Liquefied Natural Gas (LNG) cargoes to Japan and China on Delivered Ex-Ship (DES) basis.

ALSO READ:  Naira Surges, Makes Strong Rebound Against the Dollar

“NNPC Ltd. achieved the milestone through the collaboration of two of its Downstream subsidiaries – NNPC LNG Ltd. and NNPC Shipping Ltd. – which delivered its first DES LNG cargo from the 174,000m³ LNG vessel, Grazyna Gesicka at Futtsu, Japan, on 27th June 2024.

“Since then, it has expanded its footprint to China with the delivery of one LNG cargo on DES basis.

“Delivered Ex-Ship (DES) is an international commercial term that requires the seller to deliver the products/goods at a specific port. The seller takes responsibility for the shipping and insurance for the products/goods until they get to the specified port of delivery. It requires expertise and a higher level of efficiency to execute than the Free on Board (FOB) system.

ALSO READ:  Nigeria's Inflation Reaches 22.41% Amid Soaring Food Prices

“NNPC Ltd. has been involved in LNG trading since 2021 with its first LNG cargo sale in November of that year. It has since traded over 20 cargoes into the European and Asian markets on FOB basis.

“Speaking on the development, the Executive Vice President, Downstream, Mr. Dapo Segun, said: “The DES system, apart from being more financially rewarding, allows NNPC Ltd. inroads into the downstream segment of the LNG sector and positions it to capture more market shares while building in-house capacity and ensuring that global customers are familiar with the NNPC Ltd. brand”.

ALSO READ:  Jibrin, Ex Rep Member Was Welcomed To NNPP After Dumping Rulling Party, APC

“The collaboration between NNPC LNG Ltd. and NNPC Shipping Ltd. in executing the LNG supplies on DES basis has strengthened the latter’s position as a world class shipping provider in the LNG sector.

“NNPC Shipping intends to build a shipping portfolio (including owned vessels) so that we can provide our sister company and other clients all the shipping flexibilities they need,” Managing Director of NNPC Shipping, Panos Gliatis, enthused.

“NNPC LNG Ltd., in collaboration with NNPC Shipping Ltd, is scheduled to deliver at least two more LNG cargoes to the Asian market on DES basis by November. More orders are expected before the end of year.“ [CONTINUE READING HERE]>>>>



DISCLAIMER
For publication of your news content, articles, videos or any other news worthy materials, please send a mail to thefreshreporters@gmail.com

Join Other Great Readers, FOLLOW us On WHATSAPP>> https://chat.whatsapp.com/DN0y4bGIbVI4II6aNcPssb

Join Other Great Readers On TELEGRAM>> https://t.me/freshreporters

For Advert and other info, Click this link to send a Message to the Admin https://freshreporters.com/advertise/

Join thousands of readers to receive daily Latest News:
  • Click to see more posts about 👉
  • NNPC