The DSDP scheme involves selling of crude oil directly to offshore refiners while the NNPC receives refined products from them.
According to Baru, the arrangement will not only ensure sustained profitability of the corporation’s shipping subsidiary, but will also impact positively on the revenue of the group.
Speaking during his visit to the NNPC office in London, Baru told members of staff of both the London office, NIDAS and the Crude Oil Marketing Division and NNPC Trading Limited that he was pleased with the profits recorded by NNPC/NIDAS after it was inaugurated into international freight business.
“I wish to commend NIDAS for beginning to make money for the NNPC. I am particularly elated with the company’s performance, which has seen it doing 15 voyages on clean petroleum products from October 2018, just four months after it resumed international freight business,” a statement by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, quoted Baru as saying on Thursday in Abuja.