Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.
NNPC has been importing gasoline from consortiums of foreign and local trading firms and repaying them with crude oil via what are known as Direct Sale Direct Purchase contracts since 2016 because it does not have enough cash to pay for the purchases, data and trading sources said.
This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash, Kyari said. A significant drop in oil production last year coupled with high global fuel prices due to the war in Ukraine pushed NNPC's debt to traders higher. It owed the consortiums about $2 billion, a September 2022 NNPC report to the Federation Account Allocation Committee shows.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria's NNPC winding down crude oil swap contracts -CEONigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.
Read more »
Boeing's CEO downplays threat from China's C919 commercial flightBoeing CEO Dave Calhoun dismisses concerns over China's maiden C919 commercial flight, maintaining it poses no immediate threat to the longstanding Boeing-Airbus duopoly.
Read more »
Big Loud CEO/Partner Seth England Wins Billboard Country Power Players’ Choice AwardHe is the recipient of the inaugural accolade following three rounds of voting by his peers.
Read more »
Lockheed Martin CEO Hails Pentagon Budget Boost in Debt Limit DealThe head of the major U.S. military contractor said the Pentagon top-line in the debt ceiling deal is 'as good an outcome as our industry or our company could ask for at this point.'
Read more »
OpenAI CEO Says He Finally Watched 'Ex Machina'Sam Altman, a tech CEO, has finally watched a movie about sleazy tech CEO that invents a possibly conscious AI humanoid robot. Huh.
Read more »