Nigeria Signs New Oil Swap Agreement

Following its cancellation of the oil swaps deals of the previous government of Goodluck Jonathan; the new administration of President Muhammadu Buhari has signed new agreement.

A new oil swap deal was signed between the Nigeria National Petroleum Corporation (NNPC) and three joint venture companies.

The corporation says in a statement, that it has agreed new crude swap contracts to replace those cancelled last month that were vital for bringing in about half of the country’s domestic gasoline demand.

The agreement was signed by the NNPC’s trading subsidiary Duke Oil, Calson, a joint venture with Swiss trader Vitol), and Napoil, another joint venture with commodities trader Trafigura).