Oil firm pays N62bn to NNPC for undelivered petroleum product

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An oil firm, AITEO, has paid N62 billion or $202.35 million to the Nigeria National Petroleum Corporation (NNPC) for its failure to fully delivered agreed volume of product under the swapping of crude oil for refined products.

The agreement for the crude swap for products was for a period  between 2012 and 2014 under the Jonathan administration.

NNPC spokesman, Ndu Ughamadu, said that AITEO, paid all the outstanding indebtedness after extensive reconciliation of figures and negotiations

AITEO is one of seven major Nigerian companies indicted by Swiss non governmental organization, Berne Declaration alleged to be one worst culprits in the execution of the agreement.

Mr. Ughamadu said the amount included AITEO’s share of the total $184 million indebtedness by three companies on crude swap obligations, which included Televeras Group of Companies and Ontario Oil Gas Ltd.

Although Televeras Group, at the end of negotiations with the NNPC, agreed pay an initial $17.2 million and $10 million subsequently, there was no earlier information on the offer by AITEO, which also agreed to settle its debt.

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