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Nairametrics
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Home Sectors Energy

NNPC extends crude oil swap contracts by 6 months

Chike Olisah by Chike Olisah
September 16, 2020
in Energy
NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

Mele Kyari, Group Managing Director, NNPC.

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The Nigerian National Petroleum Corporation (NNPC) has announced a 6-months extension of its contracts with private oil firms to swap crude oil for fuel.

According to a media report from Reuters, the affected oil companies renegotiated the price agreement due to changes that were made in the prices of petrol in the country.

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The initial 1-year oil swap contracts to exchange over 300,000 barrels of crude oil per day with 15 company groupings were due to expire in October 2020. The swap deal with these companies supplies a huge portion of Nigeria’s petroleum products which include fuel, diesel and jet fuel, as it has not been profitable for private oil companies to import fuel into the country.

As a result of this, the state oil giant, NNPC, has been the sole importer of fuel for quite a while.

READ: Fidelity Bank to raise N50 billion in bonds in Q4 to refinance existing debts

Nairametrics, over a year ago reported that NNPC had contracted about 34 companies under a total of 15 groupings to carry out a swap deal for the supply of refined fuel in exchange of crude oil. This scheme was introduced in 2016 to replace the programme at that time which gulped trillions of naira in subsidy payments to importers and supplied about 90% of the fuel import requirements.

READ: FG directs 9,000 filling stations to install gas facilities

The Federal Government recently started the implementation of its deregulation policy with its stoppage of fixing prices and allowing market forces to determine the price of petrol. This decision will eliminate the subsidy payment by the Federal Government and allow private oil companies to invest in the downstream oil sector and restart the importation of fuel again.


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Tags: Business NewsNigeria NewsNigerian National Petroleum Corporation (NNPC)NNPC
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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