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Nigerian Oil And BP Sign Oil For Gas Agreement

- Nov 05, 2018 -

According to Dow Jones Ibadan on November 2, Nigerian National Oil Company (NNPC) has signed an agreement with BP International Petroleum Trading Co., Ltd. to exchange crude oil for gasoline.

Under the agreement, NNPC will exchange crude oil with BP in exchange for a six-month supply of petroleum products.

Under the direct sales agreement, the latest agreement will account for 20% of NNPC's total gasoline supply, which will allow NNPC to exchange crude oil with international oil trading companies for imported petroleum products.