NNPC SETS NEW TERMS FOR CRUDE SWAPS

Following President Muhammadu Buhari’s approval to the Nigerian National Petroleum Corporation (NNPC) for the cancellation of the offshore process contracts and crude oil swaps, the state-run oil firm has started the process of setting out new terms for the selection of new traders for the oil swap programme.

Speaking on the cancellation, a top NNPC official said though the president had approved the Group Managing Director, Dr. Ibe Kachikwu’s request to cancel contracts, it had not been communicated to the traders.

 

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