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    Immersive sports and entertainment venue Cosm set to build its 5th location in Cleveland – WKYC

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    Immersive sports and entertainment venue Cosm set to build its 5th location in Cleveland – WKYC

    Cosm Reveals Exciting Vision for Its 5th Immersive Sports and Entertainment Venue in Cleveland

    Monumental Sports & Entertainment’s Samantha Brady on the Power of the RSN’s Direct-to-Consumer Streaming Service Monumental+ – Sports Video Group

    Samantha Brady Reveals How Monumental+ is Transforming Sports Streaming with Direct-to-Consumer Access

    Moses Singer Welcomes Entertainment and Intellectual Property Partner Frederick Bimbler – Yahoo Finance

    Moses Singer Expands Team with New Entertainment and Intellectual Property Partner Frederick Bimbler

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Longhua District and Max-Matching Entertainments, supported by RWS Global forge strategic partnership to develop international IP-themed entertainment complex – Amusement Today

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Government whip to withdraw Entertainment Complex Bill on July 9 – Nation Thailand

    Magicians and Battlebots light up Las Vegas entertainment scene – KSNV

    Magicians and Battlebots Take Las Vegas Entertainment by Storm

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    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

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    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

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    PAP Boss to Niger Delta Youths, Stay Away from the Protest

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    Court Restricts Protests In Lagos To Freedom, Peace Park

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    2025 WE Local Prague Recap: Inspiring Women in Engineering and Technology – Society of Women Engineers

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    Technology And Construction Names Join Top Stock Lists: Check Out Additions To IBD 50, Big Cap 20 And More – Investor’s Business Daily

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NNPC eyes fresh $2bn oil-for-cash loan deal in two months

July 9, 2024
in Business
NNPC eyes fresh $2bn oil-for-cash loan deal in two months
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Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is considering securing a new $2 billion loan using crude oil pre-payments as collateral, according to findings by BusinessDay.

Mele Kyari the group general manager said the company wanted a loan against 30,000-35,000 barrels per day of crude production, but declined to say how much money it sought.

He said the cash raised would be used for all of the NNPC’s business activities, including supporting production growth.

Read also: NNPC, marketers blame logistics as petrol scarcity disrupts businesses

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” Kyari told Reuters.

It is unclear which lender would arrange the loan, as three sources said Afrexim would be unable to extend its exposure to Nigeria that far.

BusienssDay on July 6 reported NNPC owes around $6 billion to international traders for imported petrol as traders said the state-owned company is taking more days to make payment instead of within 90 days.

According to Reuters, NNPC’s mounting debt, which includes overdue payments exceeding $4 billion-$5 billion for January imports alone as several international petrol suppliers have ceased participating in recent tenders.

All five sources who spoke to Reuters asked not to be named because they were not authorised to speak on the issue.

“It will be a syndication with critical but regular partners who have been in business with our company to forward the cash,” Kyari said on Tuesday adding he expected to conclude the deal in the next two months.

Efforts to get Olufemi Soneye, the chief corporate communications officer at Nigerian National Petroleum Company Limited (NNPC), to confirm the fresh oil backed Loan proved abortive.

Read also: Presidency raises alarm over NNPC’s non-completion of PH refinery

On August 16, 2023, the Nigerian National Petroleum Company (NNPC) Limited secured a $3.3 billion emergency crude repayment loan — a transaction aimed at supporting the naira and stabilising the foreign exchange (FX) market.

Arranged by the African Export-Import Bank (Afreximbank), the $3.3 billion crude-for-cash loan was also targeted at supporting the federal government’s monetary and fiscal reforms.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Businessday.ng – https://businessday.ng/news/article/nnpc-eyes-fresh-2bn-oil-for-cash-loan-deal-in-two-months/

Tags: businessFreshoil-for-cash
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