The Nation -President Muhamadu Buhari has approved a tendering process for the 2015/2016 Crude Oil Term Contract and the evacuation of Nigeria’s crude oil equity from the various crude and condensate production arrangements. The Nigeria National Petroleum Corporation (NNPC), which announced the presidential approval, said it will begin with the advertisement of the Crude Oil Term contract in both National and International print media for one month. The new arrangement has been “carefully structured to weed out briefcase companies and rent seekers,” a statement by the Corporation last night said.