Business Fuel Scarcity: The 4 Refining Firms NNPC Made Crude oil Swap Deals With [See LIST]

[LequteMan]

Despite exporting about 2 million barrels of crude oil per day, Nigeria is almost wholly reliant on imported gasoline, kerosene and other petroleum products for domestic use.

Although the country has four refineries, most of them aren't in working condition and the citizens suffer from fuel scarcity from time to time.

In a bid to end the reoccurring scarcity, Nigerian state oil firm NNPC has announced that it will award new crude for oil products swap agreements to the following firms:

1. Total - a French multinational integrated oil and gas company and one of the six "Supermajor" oil companies in the world
2. Varo Energy - an integrated oil refiner and supplier serving North West Europe, the company is located in Switzerland.
3. Cepsa- a Spanish multinational oil and gas company which services mostly Europe, America and north African countries.
4. ENI- an Italian multinational oil and gas company. It is currently the 11th largest industrial company in the world.

The deals, which are expected to begin in February, differ from the former "offshore processing" agreements as they are directly with refineries who can use the crude to produce the oil products the country needs.