NNPC Signs Crude-For-Product Swap Deal With BP
The Nigerian National petroleum Corporation (NNPC) has signed a crude-for-product swap deal with British multinational oil and Gas company, BP.
Disclosing this through is social media platform on Wednesday the NNPC noted it will provide more details regarding the deal later.
NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Total S.A, Chevron, and Texaco (now merged with Chevron). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production.
NNPC, imports about 70 percent of the country’s fuel needs, mainly gasoline, via swap contracts