Tuesday, November 13, 2018
  • Tuesday, November 13, 2018

Nigeria’s NNPC signs crude-for-product swap deal with BP

By Olumidagreat on November 1, 2018
0 29 Views

Nigeria’s state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP.

In its brief statement on Twitter late on Wednesday, NNPC said more details would be provided later. BP and NNPC did not immediately respond to requests for comment on Thursday.

NNPC imports about 70 percent of Nigeria’s fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil major Total.

NNPC extended the existing contracts to June 2019 but several trading sources in the consortiums said they had requested new price terms.

Olumidagreat

Reliable, usable and educative Financial/business News you can trust. Providing accurate information suitable for leaders and decision-makers in business, government, and international institutions.

Leave a comment