Govt woos foreign investors under fuel import model

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To boost fuel supply, the Federal Government is wooing foreigners to invest in its refineries under the Direct Sale and Direct Purchase (DSDP) Import model.

The Nigerian National Petroleum Corporation (NNPC) introduced the DSDP in its dertermination to ensure uninterupted fuel supply. Under the arrangement, it will allocate crude to select foreign refineries in exchange for fuel. In the past, the government adopted the conventional crude for products (known as swap), to bring fuel into the country.

Under it, notable world oil marketing firms, such as Transfigura, and Vitol, were given crude in exchange for fuel. NNPC’s spokesman Ndu Ughamadu, said that bringing in foreign firms was in tandem with the government’s policy to grow the economy.

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