NNPC Issues Award Letters On Crude Swap Deal
The Nigerian National Petroleum Corporation (NNPC) has awarded the contract for the operation of crude swaps to 34 companies which would make it possible for them to exchange crude oil for imported fuel.
Naija News understands before the issuance of award letters to the oil companies, only the NNPC operates the crude-swap contract.
The award letters were issued on Monday and contracts would be signed later.
The exchange of crude oil for imported fuel is needed to meet the fuel demands in the country as the nation’s refineries are grossly operating below installed capacity.
Under this arrangement, indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products.
The Cable quoted Reuters as reporting that the 34 companies were grouped in 15 places.
The companies issued the award letters are: