Crude Swap: AITEO settles $202.34m for Under Deliveries.

The Nigerian National Petroleum Corporation (NNPC) said on Monday that AITEO group, one of the three companies involved in the under-delivery of petroleum products to the corporation, has paid up its outstanding obligations.

Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, disclosed this in a statement in Abuja.

 Ughamadu said the update is in line with the corporation’s pledge to provide members of the public with periodic information on its recovery efforts for crude swap under deliveries.

 Recall that the NNPC raised an alarm that AITEO, Televaras Group of Companies and Ontario Oil and Gas owed 184 million dollars in crude swap under-deliveries.

 After initial disagreements on the true cost of under deliveries, all the parties entered into extensive deliberation and there was reconciliation between both parties.

Already Televares has on its part made a commitment of $17million.

 Ughamadu said, “The Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to 202.34 million dollars”.

 “The amount includes AITEO’s share of the 184 million dollars total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.

 “It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process”.

 He said, “Televaras had pledged to make a tranche payment of 17.2 million dollars but the NNPC was still engaging Ontario Oil & Gas Limited for mutual settlement.

 “The corporation shall continue to provide further update on the recovery process” Ughamadu added.

 END