Petroleum Corporation has confirmed that AITEO Group has finally settled an over $202 million debt owed the corporation over crude swap deliveries while it will continue to engage Ontario Oil and Gas Limited for mutual settlement.
The NNPC said that the recovery was made following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties, adding that the amount included AITEO’s share of the $184million total indebtedness by three companies on crude swap obligations plus its other downstream liabilities.
Apart from AITEO, Televaras Group of Companies and Ontario Oil Gas Limited are two companies, which are also involved in the crude swap under-deliveries.
The Group General Manager, Public Affairs, NNPC, Mr. Ndu Ughamadu, who confirmed the development to our correspondent in Abuja, said that it was in line with the ongoing reforms in the Nigerian oil industry.
