23 August 2017

Nigeria: NNPC Begins Online Monitoring of Oil Swap Scheme

The Crude Oil Marketing Division (COMD) of the Nigerian National Petroleum Corporation (NNPC) has embarked on the automation of the Direct-Sale Direct-Purchase (DSDP) crude oil for the product exchange scheme (oil swap).

The DSDP, a fuel import scheme carried out through direct sales of crude oil to refiners or consultants who in turn supplied the NNPC with equivalent worth of petroleum products, was introduced last year to ensure transparency of the process.

The Group General Manager in charge of the COMD, Malam Mele Kyari, said the idea was to guarantee an end-to-end access to the DSDP programme online for relevant stakeholders to monitor the process from the point of crude oil allocation to conversion, return of products to the country and distribution by the Nigerian Products Marketing Company (NPMC) to the ultimate transfer of the Naira cash into the Federation Account.

Kyari, according to a statement by NNPC spokesman Ndu Ughamadu, made the statement at the presentation of commendation letters to 12 staff of the division by the Group Managing Director of the Corporation, Dr. Maikanti Baru.

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