NNPC, SHELL, BANKS SIGN $2.2BN DEAL FOR CONTRACTORS

Shell, supported by the Nigerian National Petroleum Corporation, has signed Memoranda of Understanding with eight local banks under the refreshed Shell Contractors’ Support Fund. The oil major, in a statement on Sunday, described the development as the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry. It said under the MoUs signed in Lagos, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank had set aside $2.2bn for contract execution by Nigerian firms.

Read more @ The Punch Online

NNPC to Explore Alternative Funding to Offset Subsidy Debts to Oil Marketers

The Nigerian National Petroleum Corporation (NNPC) monday said it would explore new financing mechanisms to offset outstanding debts on subsidy claims which the federal government owes petroleum marketers in the country.

The corporation also stated that it would reach out to relevant creditors such as the banks in the country to ease off extant repayment pressure on marketers and extend the credit lines offered by them

 

Read more @ Thisday Online

WE’VE FOUND BANKS WITH STOLEN OIL MONEY – BUHARI

President Muhammadu Buhari, yesterday, in Abuja said that his administration has identified banks, financial institutions and countries in which payments for stolen Nigerian crude oil have been deposited.

Speaking at an audience with visiting United States Congressmen, President Buhari acknowledged the support and cooperation his administration was getting from the international community in gathering required intelligence for tracing and recovering stolen national resources.

Read more @ Vanguard

FUEL SCARCITY PERSISTS AS BANKS DENY MARKETERS CREDIT

The scarcity of refined petroleum products, especially petrol, may continue across the country for the unforeseeable future because marketers have stopped importing the product due to the reluctance of the banks to provide them with credit.

It was also learnt that as of May 29, 2015, the amount being owed all the oil marketers by the Federal Government was N291.7bn.

Read more @ Sweetcrude Report