Aiteo Pays $202m for Under-delivered Crude Oil – NNPC

• Aiteo Pays $202m for Under-delivered Crude Oil

With respect to its recovery efforts for crude swap under-deliveries, the Nigerian National Petroleum Corporation on Monday announced that it had now reached a final settlement with the Aiteo Group.

The national oil firm stated in a statement issued by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, that in line with the ongoing reforms in the industry, it was committed to ensuring transparency and adequate public information on the ongoing recovery efforts.

It noted that following extensive reconciliation between both parties across their business transactions and a subsequent agreement, the Aiteo Group had paid in full all its outstanding indebtedness to the NNPC downstream entities amounting to $202,344,838.62.

“The amount includes Aiteo’s share of the $184m total indebtedness by three companies on crude swap obligations, plus Aiteo’s other downstream liabilities,” the corporation said.

It noted that aside Aiteo, the Televaras Group of Companies and Ontario Oil Gas Limited were also involved in the crude swap under-deliveries.

The national oil firm stated that following its engagement with the firms on the issue, the Aiteo Group had demonstrated commitment towards a successful recovery process.

“Already, Televaras has pledged to make a tranche payment of $17.2m. However, the NNPC is still engaging Ontario Oil and Gas Limited for mutual settlement. The corporation shall continue to provide further update on the recovery process,” it added.