Crude swap: AITEO settles $202m outstanding obligations to NNPC

The Nigerian National Petroleum Corporation (NNPC) has confirmed that it has reached a final settlement with AITEO Group including what it was owing due to crude swap and downstream transactions.

The NNPC said in a press release by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, made available to Tribune Online, that in line with the ongoing reforms in the industry, the Management of the Corporation under the leadership of Dr Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.

According to the statement, it read that “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 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 said it is still engaging Ontario Oil & Gas Limited for mutual settlement.

The Corporation shall continue to provide further update on the recovery process.