Nigeria: Aiteo Clarifies Contract With NNPC

Aiteo, a firm which started participating in an offshore processing agreement (OPA) with the NNPC three months ago, yesterday said it had not breached any obligation in the agreement.

Clarifying the status of the contract in a reaction to recent articles on the firm's business relations with the NNPC, Aiteo's Communications Consultant, Ebelo Goodluck, said the company was selected based on its capacity and ability to perform and the terms of the contract were clear. "Just last Friday, Aiteo had a reconciliation meeting with the NNPC, and it was acknowledged that Aiteo is up to date in its contractual performance. The OPA is a more cost-effective option to the previous regime of crude swaps that the country relied on for petroleum product suppliers. Aiteo is a legitimate business that has recently grown its workforce from 400 to 2000 to enable it effectively manage OML 29. It expects to substantially recruit above this number very soon", the statement said.

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