Kachikwu: FG to Review NNPC’s $6bn Oil Swaps

Apparently scandalised by the acute petrol scarcity, which marred the Yuletide celebrations, the federal government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts of the Nigerian National Petroleum Corporation (NNPC).

The objective is to blacklist some oil traders whose failure to meet their petrol supply obligations plunged the country into the fuel crisis.

THISDAY had reported exclusively that the scarcity was caused by some of the participants in the DSDP scheme, previously referred to as offshore crude oil processing agreements (OPAs) and crude-for-products exchange arrangements, who imported diesel for NNPC in November-December instead of petrol as stipulated in their contracts.
THISDAY, January 2, 2018

 

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