Tuesday, April 7, 2020

NNPC, BP Swap Crude for Products

November 1, 2018

Nigeria's state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP.

In its brief statement on Twitter (TWTR) late on Wednesday, NNPC said more details would be provided later. BP and NNPC did not immediately respond to requests for comment on Thursday.

NNPC imports about 70 percent of Nigeria's fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil major Total.

NNPC extended the existing contracts to June 2019 but several trading sources in the consortiums said they had requested new price terms. 

(Reporting by Julia Payne Editing by Edmund Blair)

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