Shell, ExxonMobil seek crude swap deals with Nigeria
Two oil giants that had previously exited Nigeria’s downstream sector, Shell and ExxonMobil, could sign crude-for-product deals with Africa’s largest oil producer, a senior NNPC official said.
“Unfortunately, Shell and ExxonMobil exited the downstream sector in Nigeria a couple of years ago but they are coming back for this particular arrangement, because it’s an opportunity for them to get crude and sell their products to the refineries,” the Nigerian National Petroleum Corporation, NNPC, Chief Operating Officer for upstream, Bello Rabiu, told journalists at the African oil and gas conference in Cape Town, on Monday.
NNPC imports nearly 70% of the West African petroleum needs through swap contracts and has direct sale direct purchase agreements with 10 consortiums including Total, Mercuria, Vitol and Trafigura.
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