NNPC to Recover $184m in Crude Swap Under-Deliveries

NNPC to Recover $184m in Crude Swap Under-Deliveries

Three oil companies have agreed to refund the Nigerian National Petroleum Corporation (NNPC) by over $184m in product under-deliveries recorded against them during the now defunct crude for product swap system, The Guardian reported.

The companies include Aiteo Energy Resource Limited, Ontario Oil and Gas Limited and Taleveras Group of Companies.

According to Reuters, in 2016 NNPC replaced crude oil swap deals with a new system under which it will sell crude oil to refiners and purchase refined oil products from them directly.

NNPC’s Group Managing Director, Maikanti Baru, said: “So far, Aiteo has been very cooperative and we had extensive reconciliation across all our chains of businesses where they are involved.”

As he further stated, “in the case of Televaras, they have agreed to make tranche payment of $10m, while Ontario has also agreed to come to the table with our team and present their repayment schedule.”


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