Reuters reveals Nigeria in $1.5 billion oil prepay deal with traders Vitol, Matrix

Reuters exclusively reported that Nigeria’s state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered and backed by oil traders Vitol Group and Matrix Energy, the first such agreement since the coronavirus pandemic. The deal provides OPEC-member Nigeria with much-needed cash after its finances were hit by the oil price crash in April as COVID-19 lockdowns erased nearly one third of global oil demand.

Article Tags
Topics of Interest: Deals
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Africa
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text