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LequteMan
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The federal government of Nigeria has reached a deal to pay $5.1 billion in unpaid bills to international oil companies like Royal Dutch Shell and Exxon Mobil, the minister of state for oil Ibe Kachikwu said on Thursday.
According to Reuters, Nigerian National Petroleum Corporation (NNPC), has amassed a total of $6.8 billion in unpaid bills up to December 2015, so-called cash calls, that it was obliged to pay under joint ventures with Western oil firms, with which it explores for and produces oil.
Kachikwu said the agreed amount, which is $1.7 billion less than the total amount owed, would be paid within five years, interest free.
According to Reuters, Nigerian National Petroleum Corporation (NNPC), has amassed a total of $6.8 billion in unpaid bills up to December 2015, so-called cash calls, that it was obliged to pay under joint ventures with Western oil firms, with which it explores for and produces oil.
Kachikwu said the agreed amount, which is $1.7 billion less than the total amount owed, would be paid within five years, interest free.
