New Crude Marketing Contract to carry one year timeline - Govt.

New Crude Marketing Contract to carry one year timeline – Govt.

Sep 23, 2022 News

Kaieteur News – The Ministry of Natural Resources disclosed that its contract for the marketing of crude from the Liza Destiny and Liza Unity vessels is expected to last one year.

The Liza Unity FPSO

It made this disclosure to members of the media yesterday. The government agency said interested bidders desirous of obtaining Requests for Proposals (RFP) should make contact with the Permanent Secretary, Ministry of Natural Resources.

As per the bidding document, marketers will also be responsible for providing all functions of marketing; assessing regional and global demand centres; selecting customers and making appropriate transportation arrangements; providing support and guidance to the client in all operating and back-office responsibilities of managing these crude sales. It will also be expected to facilitate timely and cost efficient crude oil operations; and support the client in the continued introduction of the grade to multiple geographies and refinery systems.

In addition to the foregoing, the ministry said the successful applicant will also be required to provide benchmark performance comparisons of prices paid for the client’s crude while working closely with the client in understanding the behaviour and yields of the Liza blend and how these affect pricing differentials.

The successful bidder would also have to support the client with market information requests related to the demand, supply, pricing and trade in the oil market and crude oil trading capacity as well as buttressing the client in understanding and advocating for any operational considerations that may affect the pricing of crude.

Kaieteur News understands that companies that wish to submit bids must have detailed knowledge, a respected marketing presence and a history in the global crude oil market, and other requirements. Specifically, they must possess at least 10 years of experience in crude oil marketing and trading within the last decade; experience in crude oil trading and marketing volumes by geography over the last five years with verifiable similar services with national oil companies and governments; crude oil trading and marketing volumes of no less than twenty (20) million barrels within the last year; and a duly-certified written statement confirming that the company and its agents are free of any criminal record. This news agency understands that the contract is expected to be effected in the last quarter of 2022. Bids are to be submitted to the National Procurement and Tender Administration Board no later than 09:00 hrs on Tuesday, October 11, 2022.

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