Crude Swap: NNPC reaches agreement with Taleveras, 2 others

NNPC Tower

The Nigerian National Petroleum Corporation (NNPC), yesterday said it has reached a settlement agreement with Taleveras Group of companies and two other companies involved in the $184 million crude oil swap.

The others are AITEO Energy Resource Limited and Ontario Oil.

NNPC commended Taleveras and other companies involved in the crude swap for reconciling their accounts and agreeing on a settlement plan to bring the long-standing matter to a close.

Taleveras has committed to an initial prompt settlement of $17 million payment and will further make further payments in $10million tranches.

Ontario is yet to submit its repayment plan, whilst AITEO has reconciled also leveraging on its global business position with the NNPC.

The Group Managing Director of the Corporation, Dr. Maikanti Baru, told journalists in Abuja that the settlement agreement was a product of ongoing extensive reconciliation process with the companies involved.

A statement on the outcome of the meeting by the Group General Manger, Public Affairs, Ndu Ughamadu quoted Baru as saying: ‘’We have engaged them and positively too. So far, AITEO has been very cooperative and we had extensive reconciliation across all our chains of businesses where they are involved. In the case of Televaras, they have agreed to make tranche payment of $10 million while Ontario has also agreed to come to the table with our team and present their repayment schedule.’’ He also said one of the firms has already pledged to repay $17m and thanked the company for their cooperation so far.

The GMD said the ongoing recovery process is geared towards ensuring probity and accountability in the operations of the Corporation in line with current reforms in the industry.

Baru emphasized the determination of the NNPC under his leadership to recover the outstanding stock of its missing petrol in Capital oil depot noting that MRS had complied.

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