NNPC Trading, a wholly owned subsidiary of NNPC Limited, stands as one of Nigeria’s foremost names in commodity trading and a recognized player in the global energy markets. By the end of 2024, the company recorded daily trade volumes of over 440,000 barrels of Nigerian crude oil, including streams such as Bonny Light (BLCO), Forcados, Qua Iboe Light, Egina, CJ Blend, Nembe crude, Utapate, and Escravos.
Alongside light and medium sweet crude grades, the company also delivered over 41 million liters of petroleum products daily, and traded more than 64.27 TBTU of LNG cargoes, 658 KT of Natural Gas Liquids, and over 145KT of Liquefied Petroleum Gas.
Founded with the mandate to manage and optimize Nigeria’s hydrocarbon resources, NNPC Trading handles both domestic and international crude trading, product trading, and condensate marketing.
With a clear direction to be a leading and responsible international oil and gas trading entity, NNPC Trading adopts best-in-class practices across risk management, governance, and operational efficiency. The company prioritizes sustainability and transparency, in alignment with the global shift towards Environmental, Social, and Governance (ESG) standards, which have become benchmarks for modern energy trading firms.
NNPC Trading operates under the leadership of seasoned professionals with rich experience in the oil and gas industry. The Company's management team is tasked with driving strategic innovation, maintaining operational efficiency and ensuring Nigeria’s hydrocarbons are traded competitively.
History
With the discovery of commercial crude oil and refined products, the NNPC envisaged a strategic opportunity to commence trading crude oil and other products internationally.
Furthermore, to forge trading relationships across the global markets, NNPC initiated partnership in international oil and gas trading with Vitol SA. This culminated into a partnership with VITOL, an established trading company which facilitated its trading opportunities outside the shores of Nigeria.
The partnership produced two incorporated joint ventures in Bermuda, namely: Calson and Hyson (NNPC and VITOL with 51%/49% and 60%/40%) shares respectively. Leveraging on experience, NNPC established Duke Oil Company Incorporated - an NNPC wholly owned trading company.
Duke Oil was registered in Panama in 1989 currently renamed NNPC Trading SA, and engaged in crude oil and petroleum products trading, spot market, downstream integration, and price risk management instruments in the international market. NNPC Trading Services UK (DOSUK), NNPC Trading Limited Nigeria, NNPC Trading DMCC Dubai. NNPC LNG Limited is also registered in Cayman Island to trade and manage NNPC Limited investment in NLNG.
On October 2, 2022, following the Petroleum Industry Act reforms and the transition of NNPC to NNPC Limited, Duke Oil Companies, defunct Petroleum Products Marketing Company (PPMC), LNG Investment Management Services (LIMS) and the commercial arm of Crude Oil Marketing Division (COMD) were merged into the unified entity now known as NNPC Trading.
Through subsidiaries such as NNPC Trading Services UK (DOSUK), NNPC Trading Limited Nigeria, and NNPC Trading DMCC, alongside NNPC LNG Limited in the Cayman Islands managing stakes in NLNG, the company has consolidated its international reach.
- To trade Nigerian Crude Oil and NGL in the international market
- To ensure robust products’ supply in the domestic market
NNPC Trading is a global trading company linking energy demand to supply centers while meeting the energy needs for its home country, Nigeria. We trade over 15 million barrels of crude monthly, specializing in crude oil, refined products, natural gas liquids (NGLs), liquefied petroleum gas (LPG), LNG cargoes, and condensates which earns us the spot as Nigeria’s leading name in crude allocation, product trading, LNG cargo, and condensate marketing.
NNPC trading leverages a dynamic and experienced team, strong network of industry clients and business infrastructure to sustainably deliver energy on a global scale to our customers in line with stakeholders' expectations. Our expertise spans.
We also prioritize operational efficiency and continuous capacity improvement evident in our attainment of the following ISO certifications: ISO 9001:2015 (Quality Management Systems), ISO 14001:2015 (Environmental Management Systems) and ISO 45001:2018 (occupational Health and safety System) with the view to obtain additional certifications relevant to our operatons.
NNPC Trading’s operations encompass all activities in the international trading value chain, including:
Crude Oil Trading
- Petroleum Products Trading (gasoline, diesel, jet fuel, LPG, NGLs, condensates)
- Vessel chartering
- Blending
- Trade Finance and Bulk Purchase Agreements (BPA)
- Strategic storage
Going forward, NNPC Trading seeks to:
- Guarantee energy security by ensuring adequate supply sufficiency of petroleum products
- Operate an integrated downstream business through efficient sourcing, supply, and distribution of petroleum products
- Increase traded volumes of all products through efficient marketing strategies and collaboration with local, regional, and international customers
Trading of Crude and Petroleum products sourced from other suppliers regionally and globally.
