• +234 (0)8033772716, +234 (0)8032012800
  • admin@olympicrefinery.com
Procurement of Crude Oil and Sales

The crude oil procurement market consists of not merely spot markets featuring physical transactions but highly developed paper markets, notably futures and forward delivery, thus forming a very composite market structure in which all these transactions are interrelated and reciprocally influential.

At Olympic Refinery, we aspire to build capacity for the purchase of up to twenty-two million barrels of Nigerian Bonny/Qua Iboe light crude per month for one year with possible rolls and extensions of up to five years. We have a team of highly experienced procurement experts who will facilitate all procurement engagements.

We have also established optimal plans for refining product output taking into account the scale of the estimated demand for oil products and the total product sales volume. These plans will enable us to secure oil blocks and marginal fields which are economically necessary for optimal productivity.

We will also seek a joint venture partnership with the Nigerian National Petroleum Corporation (NNPC) in other meaningful projects when and where necessary. This can be through determining crude oil purchase plans or purchasing contracts. Purchasing contract plans will majorly depend on many factors including volumes, grades, prices, and the timing for crude oil purchase.

We also have an experienced sales team that will be responsible for processing and keeping all our sales records. Our crude oil lifting payments will be based on confirmed irrevocable letters of credit or any other acceptable instrument/mode of payment acceptable to the Federal Government of Nigeria. This will make Olympic Refinery generate sustainable profits for the future expansion of our operations.