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NNPC strikes $1.5b prepay oil deal with Vitol, Matrix - Printable Version +- Forums (http://contripeople.com) +-- Forum: Retired Forums (http://contripeople.com/forumdisplay.php?fid=78) +--- Forum: Retired Forums. Please Make Your Post Within The 3 Forums In General Discussion (http://contripeople.com/forumdisplay.php?fid=49) +---- Forum: Oil/Gas (http://contripeople.com/forumdisplay.php?fid=41) +---- Thread: NNPC strikes $1.5b prepay oil deal with Vitol, Matrix (/showthread.php?tid=37161)

NNPC strikes $1.5b prepay oil deal with Vitol, Matrix - Edoman - 07-30-2020 NNPC strikes $1.5b prepay oil deal with Vitol, Matrix July 29, 2020 [/url] GMD NNPC, Mele Kyari [url=https://thenationonlineng.net/wp-content/uploads/2020/07/NNPC-2.jpg]   THE Nigerian National Petroleum Corporation (NNPC) has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the coronavirus pandemic. The deal provides the country, a member of the Organisation of Petroleum Exporting Countries (OPEC) with the much-needed liquidity after its finances were hit by the oil price crash in April as COVID-19 lockdowns erased nearly one third of global oil demand. The financing package called Project Eagle was also backed by African Export Import Bank (Afrexim) and United Bank for Africa (UBA). Vitol and Matrix will each get 15,000 barrels per day (bpd) of crude as repayment over five years, starting in August. Nigeria’s crude production is nearly 2 million bpd. ADVERTISEMENT Matrix, an indigenous oil trader, confirmed its participation in the deal while Vitol, the world’s biggest independent oil trader, declined to comment. A spokesman for Standard Chartered declined to comment. Afrexim and UBA did not have an immediate comment either. A call to NNPC spokesman, Kennie Obateru was not picked while a text message to his mobile number hadn’t elicit any response as at press time. 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. For trading firms, such as Vitol, these loans are ideal for securing long-term supplies and boosting razor-thin margins. NNPC has been trying to raise cash through prepayments with traders for years. However, the firm’s opaque finances and costly gasoline subsidies have made it tough for it to secure private financing on attractive terms. The country announced the end of subsidies earlier this year. NNPC will use a large portion of the money to pay taxes owed by its subsidiary NPDC, the sources said. The remainder will go towards operational expenses and capital expenditure. One of the sources said money from the pre-payment could fund an upgrade of the Port Harcourt refinery.