NNPC signs crude-for-product swap agreement with BP


The Nigerian National Petroleum Corporation (NNPC) said it had signed a crude-for-product swap deal with oil major British Petroleum, (BP).

In its brief statement on Twitter late on Wednesday, the state oil corporation said more details would be provided later.

NNPC imports about 70 percent of Nigeria’s fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil major, Total.

NNPC extended the existing contracts to June 2019 but several trading sources in the consortiums said they had requested new price terms.