Business Nigeria: Duke Oil & Trafigura Lifted oil Worth $24bn Without Contracts for 4 Years - PPMC

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LequteMan

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It has been revealed that Duke Oil and Trafigura Limited lifted about $24bn worth of crude oil between 2010 to 2015 under NNPC's crude oil swap deal.

This came to light following an investigation conducted by an House of Representative ad Hoc committee.

While Duke Oil, a subsidiary of the NNPC, lifted 33.7 million metric tonnes of crude, Trafigura exported 12 mmt.

The swap deals involved the exchange of crude oil for refined petroleum products and were terminated in January 2015.

Officials of the PPMC led by the Managing Director, Mrs. Esther Nnamdi-Ogbue, confirmed to the committee that while the lifting of the crude started way back in 2011, it was not until December 2014 that formal contracts were signed.

Nnamdi-Ogbue said evidence of presidential approval or NNPC board approval regarding the deals were absent in her files.

Further disclosures indicated that due to lack of capacity to deliver, Duke Oil contracted three other trading firms – Aiteo, Ontario and Taleveras – to lift the crude in exchange for refined products.

However, Managing Director of Duke Oil, Mr. Abdulkadir Seidu, denied that his company sub-let the swap contracts to other firms due to lack of capacity to deliver.


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