27 March 2017, Sweetcrude, Lagos — Aiteo Group has paid in full all its outstanding indebtedness to Nigerian National Petroleum Corporation, NNPC downstream entities amounting to $202,344,838.62 in the Crude Swap deal.
The payment was made following an extensive reconciliation between NNPC and Aiteo Group and subsequent agreement.
NNPC who made the payment known on Monday said this is in line with its pledge to provide members of the public with periodic updates on its recovery efforts for the crude swap under-deliveries.
The NNPC in a recent release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu said in line with the ongoing reforms in the industry, the Management of the Corporation under the leadership of Dr. Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.
The amount includes AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.
Aside AITEO, NNPC said two other companies are involved in the crude swap under-deliveries. They are Televaras Group of Companies and Ontario Oil Gas Ltd.
It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process.
Already, Televaras has pledged to make a tranche payment of $17.2 million. However, the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement.
The Corporation shall continue to provide further update on the recovery process