Total, Shell and two other oil majors have resolved to fund 4 major oil marketers, Dr. Ibe Kachikwu disclosed on Thursday. The four oil majors had agreed to provide foreign exchange valued at about $200 million, over the next one year, to four major oil marketers to help fund fuel imports.
He said: “I have been able to convince the upstream oil companies to provide foreign exchange buffers over the next one year for those who are bringing in products.”
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Kachikwu, in a video posted online, listed the four oil majors providing the funds as Total, Exxon Mobil, Shell and Eni SpA.
According to him, Total SA and Exxon Mobil Corporation will provide dollars to their local retail units—Total Nigeria Plc and Mobil Oil Nigeria Plc, while Royal Dutch Shell Plc was paired with local oil importers as Conoil Plc and Eni SpA with Oando Plc.
He added, “I have had to box my way through the Central Bank of Nigeria to get a little bit more allocation because we provide the bulk of this foreign exchange; we should have a bit of it to help stabilize the fuel situation.”
Kachikwu once again blamed the unending fuel crisis witnessed across the country on the shortage of foreign exchange, which had made it difficult for major and independent oil marketers to fund their fuel imports.
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