NNPCL Eyes New $2bn Oil-Backed Loan To Boost Finances

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The Nigerian National Petroleum Company Limited is in talks for a fresh $2bn oil-backed loan to boost its finances and allow investment in its business, the company’s Chief Executive Officer, Mele Kyari, told Reuters during an interview.According to the online news medium, NNPCL’s debts to Premium Motor Spirit or petrol suppliers have doubled in the last four months to hit $6bn.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari told Reuters. Some oil trading houses have already stopped participating in NNPCL’s tenders for gasoline because the overdue bills, have pushed their exposure to Nigeria above the levels their companies allow.

 

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Concerns as NNPCL seeks fresh $2bn crude-for-cash loan amid fuel scarcityThe Nigerian National Petroleum Company Limited, NNPCL, is planning to secure a fresh $2 billion oil-backed prepayment loan amid fuel scarcity in the country. This is according to a report by Reuters on Tuesday, suggesting that NNPCL plans to achieve the deal in two months.
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