House Of Reps Probe NNPC’s Crude Swap Contracts.

The House of Representatives has ordered a fresh probe of the Refined Product Exchange Agreement contracts between the Nigerian National Petroleum Corporation and various trading companies.
Otherwise known as SWAP, it involved the exchange of crude oil for refined petroleum products in which the corporation gave out 445,000 barrels of crude per day.

A House resolution passed today indicated that Nine companies benefited from the contracts through the Pipelines Product Marketing Company, a subsidiary of the NNPC.
On the list were Duke Oil, Mercuria, Sahara Group, Aitero, Glencore, Taleveras Nigeria Limited, Entena Oil and Gas, Tranfigura and Ontario Oil and Gas.