Nigeria is reportedly owing about $3 billion to trading houses and oil majors for crude oil swap arrangements, through which the countryThe country is also said to be four to six months behind schedule for the repayment in crude, four traders and executivesThe direct sale direct purchase initiative is an agreement that allows the sale of crude oil to refiners, who will in turn supply the country with an equivalent worth of petroleum products.
Through the DSDP arrangement, Nigeria exchanges petroleum products for crude cargoes with major trading houses and international oil majors, including BP, TotalEnergies, Vitol, and Mercuria.“Swaps will ultimately stop but not yet. We are getting our swaps crude cargo in October at the earliest,” Reuters quoted a major player as saying.
Two trading sources were quoted as saying the Nigerian National Petroleum Company Limited made a cash payment of around $200 million in May to some partners, adding that no further payment has taken place since then.the company had commenced the termination of crude oil swap contracts and will pay cash for petrol imports.
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