Crude-For-Fuel Contracts, Crude-For-Fuel Swap

Crude-For-Fuel Contracts, Crude-For-Fuel Swap

Buhari campaigner, 35 others get crude-for-fuel contracts

19.8.2019

Buhari campaigner, 35 others get crude-for-fuel contracts

A total of 15 groupings, with 36 companies in total, will participate in the 2019/2020 Direct Sale of crude oil and Direct Purchase of petroleum product arrangement, according to a statement on Sunday.

The contract is for one year effective October 1, 2019 to September 30, 2020, according to Ughamadu.

The rest are Mercuria Energy Trading SA/Barbedos Oil & Gas Services Ltd/Rainoil Ltd/Petrogas Energy; Asian Oil & Gas Pte Ltd/Eyrie Energy Ltd/Masters Energy Oil & Gas Ltd/Casiva Ltd; and Duke Oil Company Incorporated.

Sahara Energy Resource Ltd, a subsidiary of Sahara Group, was co-founded by Mr Tonye Cole, the governorship candidate of the All Progressives Congress in Rivers State for the 2019 elections.

Levene Energy Development Limited is a subsidiary of Levene Energy Group whose Group Chairman and Group Vice Chairman are Mr Asue Ighodalo and HRM Nasir Ado Bayero, respectively.

“Under the DSDP arrangement, the 15 consortia/companies shall over the contract period off-take crude oil and in return, deliver corresponding petroleum products of equivalent value to the NNPC, subject to the terms of the agreement,” the NNPC said.

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