Petroleum Africa
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Tuesday, April 4, 2017
Aiteo Group revealed that it has cleared all its outstanding debts owed to Nigeria’s state-run firm NNPC. The $202.3 million paid by Aiteo went to NNPC’s downstream units for amounts owed for shorted deliveries of petroleum products under the crude swap deal between 2012 and 2014.
“Following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the corporation wishes to state that Aiteo Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202.34 million,” said Group General Manager, Group Public Affairs Division of NNPC, Ndu Ughamadu.
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