$184 million Crude Swap Under-Deliveries: Taleveras makes $17m commitment to NNPC

Posted by News Express | 26 March 2017 | 1,391 times

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•NNPC GMD, Dr. Maikanti Baru.

The Nigerian National Petroleum Corporation (NNPC) has clarified that Televeras has agreed to make a tranche payment of $17.2 million for the crude-swap-product under-deliveries running into several millions of dollars.

The Corporation affirmed that so far, two of the companies involved in the reconciliation exercise, namely AITEO Energy Resources and Televaras Group of Companies have registered their commitment to settle all outstanding obligations.

It however noted that unlike AITEO and Televaras, NNPC is yet to obtain any such commitment from Ontario Oil & Gas Limited. Nonetheless, NNPC said negotiation with Ontario remains in progress.

The Corporation in a release on Sunday by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said in line with the ongoing reforms in the industry, the Management of the Corporation under the leadership of Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.

The statement emphasised the determination of the NNPC Management to achieve full recovery of the outstanding $184 million crude-swap-product under-deliveries as well as the full value of stock of its missing petrol in Capital Oil depot which currently stands at 82 million litres amounting to over N11 billion .

NNPC pledged to provide members of the public through the mass media with up-to-date information on the ongoing effort by the Corporation to sanitise the record books through the painstaking reconciliation of the transactions executed during the defunct crude for product swap regime.


Source: News Express

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