Browsing: crude swap deals

“For the avoidance of doubt and most crucially, it is entirely incorrect and thus false that we are indebted to NNPC in the amount that you have indicated or any other monies whatsoever. The correct position is that we do not owe NNPC the debt that you allege or any monies that can form the subject of the recovery action to which you allude,” the statement noted.

The paper entitled, “NNPC Offshore Processing and Swap Arrangements: Revenue Loss to the Nation” showed that the Federal Government allocated 655,235million barrels of crude during the period under review, of which it exported 328, 897 million barrels to generate revenues for the country.