The deal, struck at
the end of last year, is seen as crucial to easing the burden on big
commodity traders, who were facing the prospect of painful multi-million
dollar write-offs, oil trading sources told Reuters.
The loan, provided
by several Nigerian and international banks and brokered by Standard
Chartered, will be paid back over five and half years. The NNPC has put
up 15,000 barrels per day of its oil production as collateral, the
source said.
Standard Chartered and the NNPC declined requests by Reuters for official comment.
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