The Nigerian National Petroleum Corporation, NNPC, has announced that it had obtained a prepayment funding of about $1bn to fund the upstream operations of its subsidiary.
It made the announcement Thursday, night.
It stated that the crude oil prepayment had enabled NNPC to pay NPDC’s tax obligations to the Federal Government of about $700m with the balance utilised to finance NPDC’s capital and operating expenditures.
In a statement issued by NNPC spokesperson, Kennie Obateru, the corporation informed that the prepayment financing was backed by future oil production of NPDC.
It added that the funding utilises a well-established structure to enable the purchaser of the crude, Eagle Export Funding Limited, to raise financing in the domestic and international markets, to fund an upfront payment to NNPC under a Forward Sale Agreement.
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