TELEVARAS Group of Companies has committed $17 million to the 184 million crude swap under-deliveries which the Nigerian National Petroleum Corporation, NNPC, is intensifying effort to recover.
The NNPC revealed the figure as part of its pledged to provide members of the public through the mass media with up-to-date information on the ongoing effort by the corporation to sanitise the record books through the painstaking reconciliation of the transactions executed during the defunct crude for product swap regime.
The NNPC in a release by Ndu Ughamadu, group general manager, Group Public Affairs Division, NNPC, made available to Realnews stated that in line with the ongoing reforms in the industry, the management of the corporation under the leadership of Maikanti Baru is committed to ensuring transparency and adequate public information on the ongoing recovery effort.
The NNPC affirmed that so far, two of the companies involved in the reconciliation exercise namely: AITEO Energy Resources and Televaras Group of Companies have registered their commitment to settle all outstanding obligations.
The Corporation further clarified that already Televaras has agreed to make a tranche payment of $17.2 million. It however noted that unlike AITEO and Televaras which have made firm commitment to the recovery process, the NNPC is yet to obtain any such commitment from Ontario Oil & Gas Limited.
Nonetheless, the NNPC said negotiation with Ontario remains in progress.
The statement emphasized the determination of the NNPC Management to achieve full recovery of the outstanding $184 million crude-swap-product under-deliveries as well as the full value of stock of its missing petrol in Capital Oil depot which currently stands at 82 million litres amounting to over N11 billion.
