Bids have been called to award a long term contract for the purchase of crude oil under the methodology of payment at the 100% issuance from stored tanks basis pertaining to 03 shipment stocks of crude oil during the period from Jan. 15, 2024 – June 14, 2024 whereas two (02) bids in the connection have been received.

Approval of the Cabinet of Ministers was granted to the resolution furnished by the Minister of Electricity and Power to award the relevant procurement to M/s Vitol Asia Pte. Ltd. of Singapore subject to the recommendation submitted by the special fixed procurement committee appointed by the Cabinet of Ministers in regard to the said bids.

Meanwhile, 03 bids have been received in relation to the bidding for awarding long term contract for purchase by a letter of credit on the basis of payment in 30 days in regard to 03 shipments of crude oil during the period from Jan. 15, 2024 – June 14, 2024.

Cabinet approval has been granted to the resolution furnished by the Minister of Electricity and Power to award the relevant procurement to M/s Coral Energy DMCC, UAE, subject to the recommendation submitted by the special fixed procurement committee appointed by the Cabinet of Ministers in regard to the said bids.