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Uproar Over NNPC s Sleazy $25 9b Oil Swap, N13 9tr Subsidy Payment
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NNPC seals new crude-for-fuel swaps deal for one year -sources
Emma Tochi is Naija247news Media Northern Bureau Chief, he s based in FCT Abuja.
He overseas the northern operations of this business media
Nigeria’s state oil firm NNPC has picked 16 consortia for its new crude-for-fuel swap contracts for one year starting in August, sources with direct knowledge of the matter said. The list includes major Swiss trading firms Trafigura, Vitol and Mercuria, oil major Total as well as large Nigerian traders Sahara Energy, Oando and MRS Oil.
The contracts, known as direct sale, direct purchase (DSDP) are coveted since they are used to supply nearly all of Nigeria’s gasoline needs as well as cover some of its diesel and jet fuel consumption. Two sources said each consortium would receive 20,000 barrels per day of crude oil in exchange for products, making the combined total 320,000 barrels per day of Nigeria’s output.