Follow Us on Google Discover- The Nigerian National Petroleum Corporation (NNPC) says it has saved the federation $336.4m (about N66bn) in the first four months it stopped the controversial contract for petroleum product import called crude oil swap.
- NNPC had in April replaced the offshore processing arrangement (OPA) and crude oil swap contracts through which it imports petrol to the country – with the Direct Sale Direct Purchase (DSDP) arrangement.
- It cancelled the swaps after years of heavy criticism trailed the contracts whose terms not only short-changed the Nigerian treasury but were skewed in favour of private oil traders or middlemen and briefcase companies.
- NNPC in its latest in-house publication, Energy in Brief, said the management of the new DSDP framework adopted in April to ensure supply of refined fuel, earned an average $53m monthly savings for the Corporation.
- These savings, it said, had resulted to a total of $336,379,854.98 for it in four months – April to July 2016.
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