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LequteMan
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In a bid to help the country overcome its reoccurring fuel scarcity problem, international oil majors will provide $200 million in badly-needed hard currency to Nigeria to pay for fuel imports, NNPC GMD Ibe Kachikwu ha stated.
"For the first time in this country I have been able to convince the upstream companies to provide some FX buffer over the next one year for those who are bringing in products," Kachikwu said in a video to NNPC staff posted on his Facebook website.
The agreement included Total, and Shell which would work with local fuel importer Conoil and ENI cooperating with Oando, he said.
Africa's top oil producer, which needs to import most of its fuel needs, suffers from hard currency shortages due to a slump in vital oil revenues. For weeks, motorists have been queuing at petrol stations.
"For the first time in this country I have been able to convince the upstream companies to provide some FX buffer over the next one year for those who are bringing in products," Kachikwu said in a video to NNPC staff posted on his Facebook website.
The agreement included Total, and Shell which would work with local fuel importer Conoil and ENI cooperating with Oando, he said.
Africa's top oil producer, which needs to import most of its fuel needs, suffers from hard currency shortages due to a slump in vital oil revenues. For weeks, motorists have been queuing at petrol stations.
