NNPC says to recover $184 mln in crude swap under-deliveries

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ABUJA, March 24  – Nigeria’s state oil company said on Friday it was set to recover $184 million in crude oil swap under-deliveries recorded against three oil companies during the now defunct crude for product swap system.

Last year the OPEC producer replaced crude oil swap deals with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them.

The Nigerian National Petroleum Corporation (NNPC) is in the process of reconciling transactions made as part of the defunct system, Group Managing Director Maikanti Baru told journalists in the capital Abuja.

He said the companies involved were AITEO Energy Resource Limited, Ontario Oil and Gas Limited and the Taleveras group.

 

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