President Muhammadu Buhari has approved the cancellation of offshore processing and crude swap deals for refined oil products between the Nigerian National Petroleum Corporation (NNPC) and oil traders, Reuters reported quoting presidency sources Tuesdday.
The Group Managing Director of the NNPC, Dr. Ibe Kachikwu had recently hinted that all Production Sharing Contracts, Joint Venture Agreements and all other contracts between the NNPC and its various partners would be reviewed to reflect current day realities in the global oil and gas industry.
Presidency spokesman Femi Adesina confirmed the government’s position in a chat with Reuters saying, "Mr. President has approved the cancellation of the oil swap contracts. Mr. President has publicly expressed his displeasure over this oil swap deal
Source:Daily Trust
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