The Nigerian National Petroleum Corporation has signed a $1.5bn prepayment deal led by Standard Chartered and backed by two oil traders, Vitol Group and Matrix Energy, Reuters reported on Tuesday.
Quoting sources said to be close to the development, the report said the deal provided Nigeria 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.
Vitol and Matrix will each get 15,000 barrels per day of crude as repayment over five years, starting in August.Prepayments with traders are widely used in commodity finance as banks consider them to be one of the more secure forms of lending in countries viewed as risky.
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