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July 31, 2014
DUKE OIL
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Duke oil is a wholly owned international subsidiary of the Nigerian National Petroleum Corporation (NNPC) engaged in direct oil trading activities in the spot market to achieve operating capability, downstream integration and additional profit from oil operations.
Duke Oil Company Incorporated was registered in Panama in 1989 to engage in crude oil and petroleum products trading across the full stretch of oil trading and price risk management instruments in the international market.
The London branch office was registered in the UK in 1992 as a service company. It was moved to Paris for a short period in 1997 but returned back to the UK in 1998. Duke Oil is a Subsidiary of the Nigerian National Petroleum Corporation, an International Trade Partner in:

  • Crude Oil
  • Refined Products
  • LPG and Condensate

PROFILE

Duke Oil is an international oil trading company wholly owned by NNPC, which was established to serve as a vehicle for bringing NNPC directly in contact with the international oil market for strong internal competence and value adding to its oil and gas business.

Duke Oil Company Incorporated was registered in Panama in 1989 to engage in crude oil and petroleum products trading across the full stretch of oil trading and price risk management instruments in the international market.

It is the only wholly owned international subsidiary of the Nigerian National Petroleum Corporation (NNPC) engaged in direct oil trading activities in the spot market to achieve operating capability, downstream integration and additional profit from oil operations.

The London branch office was registered in the UK in 1992 as a service company. It was moved to Paris for a short period in 1997 but returned back to the UK in 1998.

The Company was formed by NNPC as part of a comprehensive review of its structural and business requirements necessary to achieve the corporation’s desire for a financially strong and independent integrated international oil and gas Company.

Duke Oil went into JV partnerships from the beginning with well established oil trading companies between 1989 and 1994, trading 30,000 barrels per day of crude oil from Nigerian oil term contracts.

 

However, the company’s JV engagements were brought to an end in 1995 when it was considered that its capability had grown sufficiently for it to commence trading operations on its own, on stand alone basis.

Since commencement of independent trading operations, Duke Oil has been steadily increasing its operating and financial capacity in both crude oil and petroleum products activities.

MISSION AND VISION

VISION: Duke Oil will be the  preferred International Oil Trading Company

MISSION: Duke Oil will deploy best practices to realize optimum value from its trading  operations for the benefit of its Shareholders


BUSINESS DIRECTION


  • Secure tradable crude oil volumes of ~150kbd by 2014.
  • Expand into other products/service

•LPG/NGL Trading
•Marine Transportation


  • Compliance with all regulations and best practices in the industry in other to be a preferred trading partner.
  • Build strong operational risk management to mitigate financial losses and protect operational reputation.

PERFORMANCE


 BUSINESS CONTACTS


Duke Oil Co. Inc.

Registered in Panama

Registered Office

Arias Fabrega & Fabrega

Bank of America Building

50th Street, Panama

 UK Office

Duke Oil Services (UK) Ltd

Capitol House

159 Hammersmith Road

London, W6 8BS

Phone +44 (0)20 8735 9600

Fax +44 (0)20 8748 1015

Telex 925509 Nigpt G

E-mail Duke@nnpc-london.com


Nigerian Office Addresses:

Nigerian National Petroleum Corporation

NNPC Towers

Tower C, 9th Floor

Central Business District

Herbert Macaulay Way

PMB 190, Garki, Abuja, Nigeria

Phone 00 234 9 460 83837

00 234 9 460 83890
Abuja Main Office

First Floor, Plot 1534,

Garki II District,

Cadastral Zone A3,

Abuja, FCT

Nigeria