Nigeria News App

Join NN App My Account
Stats: 606 members, 3,494 topics. Date:   Wed, 21 2019 at 02:08 am
For more please contact us @ [email protected]

Nigerian News

FrontPage Forum Must Read Latest Posts Breaking News Entertainment Politics Business Economy Sports Romance General Hausa News
Trending :
Join NN App Earn by reading news Sign in My earnings Invite friends Income record How it works FAQ Testimonial Income support Today offer

NNPC To Endorse Crude Swap Deal With Shell, ExxonMobil

By - - [ ]

The Nigerian National Petroleum Corporation (NNPC) is likely going to sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said yesterday.

Nigerian National Petroleum Corporation (NNPC) announced last Wednesday that it had signed such a deal with BP and would provide more details later.

“Unfortunately, Shell and ExxonMobil exited the downstream sector in Nigeria a couple of years ago but they are coming back for this particular arrangement, because it’s an opportunity for them to get crude and sell their products to the refineries,” NNPC’s chief operating officer for upstream, Bello Rabiu, told Reuters on the sidelines of an African oil and gas conference in Cape Town.

NNPC imports about 70 per cent of Nigeria’s fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as direct sale direct purchase agreements, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and Total.

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


Rabiu said NNPC hoped in 2019 to emulate savings of around $1 billion seen in 2016 with its crude-for-product swaps, which he said would likely end once Africa’s top crude producer revamps its refineries.

“If our refineries are back, which we want in the next 18 months, this thing will stop. So, all these things are just stop-gap measures, but the key issue is that we wanted to import at the least cost before our refineries come back onstream,” he said.

NNPC is in the final stages of talks with consortiums including top traders, energy majors and oil services companies to revamp its long-neglected oil refineries in an effort to reduce its reliance on imported fuel.

It is on track and I believe if we don’t sign a final deal (on the project to upgrade refineries) this month of November we will surely sign in December,” Rabiu said.

https://leadership.ng/2018/11/06/nnpc-to-endorse-crude-swap-deal-with-shell-exxonmobil/


Like .

Others are reading


8 Comments Nigeria News
Lurdharry• 9 months ago
Ok
Reply
Olite1996• 10 months ago
we need development
Reply
Raymond• 10 months ago
Let's make Niger own work na
Reply
innkayobami• 10 months ago
Noted
Reply
iammicharles• 10 months ago
Fix our own refineries
Reply
Lafeeze53• 10 months ago
Better
Reply
Iyamahsolomon• 10 months ago
Good idea
Reply
Abidoun• 10 months ago
that will be better for Nigeria
Reply

(Go Up)

Have a news to share? Contact Email: [email protected]

NIGERIA NEWS APP (https://www.nigerianews.app) is a website owned by IAR (IJMBway Alevel Registraion) a registered company that pays you for reading news, commenting on every news, sharing our ads on Twitter/ Facebook, inviting friends & family and logging daily. You can make upto ₦200,000 just by inviting people to read Latest Nigerian News & Breaking News in Nigeria. Register today with ₦1,600 to become a member.


© 2018 - Nigerian News App.