Continental Focus, International Reach

NNPC’s Crude for Product Swap in the Works with Majors

Tuesday, November 6, 2018

Just one week after signing a crude for product deal with UK firm BP, Nigeria’s state-run firm NNPC said it was working on a similar deal with Shell and ExxonMobil.

“Unfortunately, Shell and ExxonMobil exited the downstream sector in Nigeria a couple of years ago but they are coming back for this particular arrangement, because it’s an opportunity for them to get crude and sell their products to the refineries,” NNPC’s COO for upstream, Bello Rabiu, was cited by Reuters as saying.

The state-run firm is also wrapping up talks with consortiums including top traders, energy majors and oil services companies to revamp its long-neglected oil refineries in an effort to reduce its reliance on imported fuel.

“It is on track and I believe if we don’t sign a final deal (on the project to upgrade refineries) this month of November we will surely sign in December,” Rabiu said


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