(Ecofin Agency) - Aiteo Group, an integrated global-focused Nigerian energy company, has paid all outstanding debts amounting to $202.3 million owed to the Nigerian National Petroleum Corporation (NNPC)’s downstream units for under-deliveries of petroleum products under the crude swap deal between 2012 and 2014.

“Following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation wishes to state that Aiteo Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202.34 million,” said Group General Manager, Group Public Affairs Division of NNPC, Ndu Ughamadu.

According to Ughamadu, the sum paid by Aiteo includes its share of a $184 million debt owed NNPC by three companies regarding crude swap obligations. The other two companies are Televaras Group of Companies and Ontario Oil and Gas Ltd.

“Already, Televaras has pledged to make a tranche payment of $17.2 million. However, the NNPC is still engaging Ontario Oil & Gas Limited for mutual settlement,” he added.

Let’s recall the $184 million debt results from the under-delivery of petroleum products by the three companies under the crude for product swap regime in place during the term of former President, Goodluck Jonathan.

Anita Fatunji