Crude Swap: AITEO Settles $202m Outstanding Obligations to NNPC

The Nigerian National Petroleum Corporation (NNPC) says it is pleased to confirm that it has now reached a final settlement with AITEO Group on its recovery efforts for crude swap under deliveries.

The NNPC in a statement said following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62.

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, 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 said it will continue to provide further update on the recovery process.