Three oil companies, namely AITEO Energy Resource Limited, Ontario Oil and Gas Limited and Televaras Group of Companies are to make the payment of $184 million to the Nigerian government,The payment is for under-delivery of crude oil recorded under the former petroleum product swap regime.
Under the swap arrangement, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products.
The Nigerian National Petroleum Corporation (NNPC) has announced that three crude oil marketing firms have agreed to pay over $184 million for under-delivery of crude oil recorded under the former petroleum product swap regime.
Under the swap arrangement, the NNPC allocated crude oil to trading companies in exchange for processed petroleum products.
Premium Times reports that the group managing director of the corporation, Maikanti Baru, said the repayment agreement was arrived on Thursday, March 23, as part of ongoing reconciliation process with the three companies, namely AITEO Energy Resource Limited, Ontario Oil and Gas Limited and Televaras Group of Companies.
According to details of the agreement, Taleveras committed to an initial settlement of $17.2 million payment within two weeks, and a further payments in $10 million tranches later, NNPC said in a statement.
Ontario also agreed to pay $10 million, although the NNPC did not say how much AITEO agreed to pay.
‘’We have engaged them and positively. So far AITEO has been very cooperative and we had extensive reconciliation across all our chains of businesses where they are involved,” the group managing director of the NNPC, Maikanti Baru said.
The GMD said Televaras agreed to make a tranche payment of $17 million, while Ontario has also agreed to come to the table with our team and present their repayment schedule.
He commending the three companies involved in the crude oil swap for coming forward to reconcile their accounts and agreeing on a settlement plan to bring the long standing matter to a closure.
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