Oil and Gas

Hungary took interest in Nigerian Crude Oil, LNG

The government of Hungary has stated interest in the purchase of crude oil and Liquefied Natural Gas (LNG) from Nigeria. This came up at a time when international crude oil market is getting more competitive.

As disclosed by the Hungarian Ambassador to Nigeria, Professor Gabor Ternak, during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, the decision was based on an understanding of the need to bridge the current supply gap being experienced in Hungary.

He said, “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.”

According to him, Nigerian crude oil would be of immense assistance to Hungarian Refineries involved in large scale commercial refining. The bi-lateral relationship with his country could also be leveraged on by engaging the services of Hungarian firms that specialize in repairs, maintenance and building of refineries as well as medical services.

In his comments, the NNPC GMD, Dr. Maikanti Baru, stated that the Corporation had started to tender process for the selection of the 2018 crude oil off-takers. He said that Hungarian companies could make use of the opportunity by participating in the exercise to make the best use of the 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”, he asserted.

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