Nigeria's state owned Pipelines and Product Marketing Co (PPMC) has reduced the number of oil traders getting crude-for-product swap contracts in 2015, leaving out Swiss trader Trafigura for the first time, trading sources close to the matter said. Local major traders Sahara and Aiteo have emerged as the main winners after being allocated 90,000 barrels per day (bpd) each for this year. The volume equates to about three crude cargoes of 900,000 barrels each per month.
In exchange for the crude, traders supply gasoline for Nigerian domestic consumption. The West African country is often chronically short of gasoline, as its neglected refining sector operates well below capacity. The companies did not respond to requests for comment; the NNPC declined to. The Nigerian National Petroleum Corp's (NNPC) wholly owned trading arm, Duke Oil, was allocated 30,000 bpd, about one cargo per month. Traders said this volume was expected to be in turn allocated to Taleveras. Trafigura, which had a major presence in the scheme lasting through 2014, was not included in the new set.
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