$184 million Crude Swap Under-Deliveries: NNPC Pledges Regular Update

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By; JACOB ONJEWU DICKSON

The Nigerian National Petroleum Corporation, NNPC has pledged to provide members of the public through the mass media with up-to-date information on the ongoing effort by the Corporation to sanitize the record books through the painstaking reconciliation of the transactions executed during the defunct crude for product swap regime.

According to a statement signed by the Group General Manager, Group Public Affairs Division, Ndu Ughamadu
the move was in line with the ongoing reforms in the industry, the Management of the Corporation under the leadership of Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.

The NNPC affirmed that so far, two of the companies involved in the reconciliation exercise namely: AITEO Energy Resources and Televaras Group of Companies have registered their commitment to settle all outstanding obligations.

The Corporation further clarified that already Televeras has agreed to make a tranche payment of $17.2 million. It however noted that unlike AITEO and Televaras which have made firm commitment to the recovery process, the NNPC is yet to obtain any such commitment from Ontario Oil & Gas Limited.

Nonetheless, the NNPC said negotiation with Ontario remains in progress.

The statement emphasized the determination of the NNPC Management to achieve full recovery of the outstanding $184 million crude-swap-product under-deliveries as well as the full value of stock of its missing petrol in Capital Oil depot which currently stands at 82 million litres amounting to over N11 billion.

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