FG Signs $1․5bn Prepayment Deal with Oil Traders
The federal government has signed a $1.5 billion prepayment deal with Standard Chartered and backed by oil traders Vitol Group and Matrix Energy. The Nigerian National Petroleum Corporation signed on behalf of the federal government.
Vitol and Matrix will each get 15,000 barrels per day of crude as repayment over five years, starting in August with Nigeria’s crude production nearly two million bpd, minus a recent quota cut agreed by OPEC members. However, the deal would provide Nigeria with upfront cash and guaranteed revenue as it expands its budget.
The current deal would provide the Organisation of Petroleum Exporting Countries member with much-needed cash after its finances were hit by the oil price crash in April as COVID-19 lockdowns erased nearly one-third of global oil demand.
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