ABUJA, June 4 (Reuters) - Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.
And we now have an arm's-length process where we can pay cash for the imports," Kyari told Reuters in an interview late on Saturday.
This is the first time NNPC has said it is terminating crude swap contracts.
In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums.
Nigeria has struggled to meet its OPEC oil quota of 1.742 million bpd due to grand oil theft and illegal refining.
Persons:
Bola Tinubu's, Tinubu, NNPC, Kyari, MacDonald Dzirutwe, Camillus Eboh, Julia Payne, Susan Fenton
Organizations:
NNPC, Reuters, Dangote Refinery, Thomson
Locations:
ABUJA, Nigeria, Ukraine, Dangote, NNPC, Vienna