• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

NNPC to use $1.5 billion prepayment deal to pay taxes owed by NPDC

William Ukpe by William Ukpe
July 29, 2020
in Business News
FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) is expected to use a large portion of the $1.5 billion oil prepayment deal with Vitol and Matrix Energy to pay taxes owed by its subsidiary, Nigerian Petroleum Development Company Ltd  (NPDC).

The remainder will go towards operational expenses and capital expenditure, and could also fund an upgrade of the Port Harcourt refinery.

This is according to a report from Reuters, which disclosed that Nigeria signed a $1.5 billion oil prepayment deal with Vitol Group and Matrix Energy. The deal, which is a first of its kind since the pandemic, was led by Standard Chartered Bank.

RelatedStories

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025

Nairametrics understands that the deal was also backed by the African Export-Import Bank and United Bank for Africa. It guarantees that both Matrix and Vitol will receive 15,000 barrels of crude per day for five years starting from next month.

Why it matters: The deal will give Nigeria the cash it needs to take care of its budget issues. The country, which was already cash-strapped prior to the pandemic, suffered huge blows after global oil prices drastically declined earlier. The Nigerian government has since made several attempts to raise capital through different means, including local and foreign debt instruments.


Follow us for Breaking News and Market Intelligence.
Tags: Nigerian National Petroleum CorporationNigerian Petroleum Development Company LtdNNPCNPDC
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Petrol price, NNPCL, PMS
Breaking News

Petrol price rises to N970 per litre at filling stations

March 30, 2025
Why fuel subsidy removal cannot wait any longer - energy expert
Business News

Marketers dismiss fuel scarcity fears, urge Nigerians to avoid panic buying 

March 26, 2025
NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 
Energy

NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 

March 24, 2025
Next Post
investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

SEPLAT, BUACEMENT record gains, All Share Index up by 0.18%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng

first bank
Zenth Bank








DUNS

Recent News

  • Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 
  • World Bank approves extra $65 million loan for Nigeria’s SPESSE project 
  • Nigerian Oil falls below $70 a barrel amid faded supply disruption  

Follow us on social media:

Recent News

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 

Seplat Energy trains 50 editors, correspondents on media entrepreneurship in Lagos 

July 1, 2025
World Bank, Tanzania

World Bank approves extra $65 million loan for Nigeria’s SPESSE project 

July 1, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics