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132 firms bid for oil swaps

The Nigerian National Petroleum Corporation (NNPC) says that 132 companies have bid for the right to swap the nation’s crude oil for fuels as a tender for the deals closed on Thursday.

The tender for the one-year contracts, dubbed direct sale, direct-purchase, was issued in March.

NNPC extended the 2018 contracts through June of this year.

Since the scheme was introduced in 2016, replacing another programme that paid subsidies to importers, NNPC Group Managing Director, Dr. Maikanti Baru said it had saved the nation $2.2 billion and supplied some 90 percent of its import requirements.

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