The Nigerian Nationwide Petroleum Firm Restricted, on Wednesday, mentioned it might make an official announcement when the corporate is able to take the sooner reported $2bn crude-backed mortgage.
It was reported on Tuesday that NNPC was in talks for an additional oil-backed mortgage to spice up its funds and permit funding in its enterprise, in keeping with the corporate’s Group Chief Government Officer, Mele Kyari.
Sources aware of the scenario informed Reuters that the oil agency goals to boost at the least $2bn by means of the proposed new mortgage.
However when contacted on Wednesday to talk on the report, the Chief Company Communications Officer, NNPC, Olufemi Soneye, informed our correspondent that the nationwide oil agency would make an official announcement anytime the corporate is able to proceed with the deal.
He famous that although the corporate would require funding to hold out its excessive capital-intensive operations, it might observe the laid down course of to announce its financing association.
“After we are able to proceed with any of the initiatives talked about, we’ll make an official announcement. As a world power firm, we’d like funding to undertake aggressive drilling campaigns. Naturally, we would require financing for our excessive capital expenditure initiatives.
“Our financing preparations are sometimes introduced by means of our monetary advisers and arrangers. When the time comes, new financing transactions might be introduced to the market,” Soneye said in a quick response on the matter.
In August 2023, NNPC introduced that it had secured a $3.3bn emergency crude oil compensation mortgage from the African Export-Import Financial institution.
When the $3.3bn mortgage is added to the newly proposed mortgage of $2bn, it means the nationwide oil firm is about to boost its crude-backed loans to $5.3bn.
Nonetheless, The PUNCH couldn’t confirm how a lot the oil firm had repaid from the $3.3bn mortgage as of press time on Wednesday.
However within the Reuters report on Tuesday, Kyari mentioned the corporate wished the brand new mortgage towards 30,000-35,000 barrels per day of crude manufacturing, although he declined to say how a lot cash it sought.
Reuters additionally reported that NNPC’s money owed to petrol suppliers had doubled within the final 4 months to hit $6bn. This was, nevertheless, countered by Soneye.
“False. Did they title the entrepreneurs they declare we supposedly owe? Allow them to title them,” Soneye had informed our correspondent whereas responding to the Reuters report.
Okechukwu, a journalist with Punch Newspapers, has 15 years expertise masking Vitality (Energy and Petroleum), Finance, Agriculture, Surroundings, Humanitarian Companies, Works and Housing, Commerce and Funding, Capital Markets, Aviation and Transport, ICT, amongst others